JLL Income Property Trust Buys Boston-Area Retail Center
- Jan 31, 2020
JLL Income Property Trust has purchased Milford Crossing, a newly built 160,000-square-foot grocery-anchored shopping center in Milford, Mass., for approximately $42 million. The property is 99 percent leased to restaurants, medical, fitness and other service-oriented retailers.
The asset is anchored by a Stop & Shop grocery store, which has a full-service pharmacy and in-store Citizen’s Bank. The shopping center has a weighted average lease term in excess of ten years, according to Allan Swaringen, president & CEO of JLL Income Property Trust.
Located at 126 Medway Road, Milford Crossing is at the junction of Interstate 495, Route 109 and Route 16 and has access to each of these highways. According to JLL, the retail property serves over 20 towns and is part of a community with a 5-mile radius median income that is 23 percent higher than Boston. The deal is part of the firm’s strategy to acquire income-producing assets in primary markets.
The company continues to expand its diverse portfolio, following several purchases made last year. In December, JLL Income Property Trust acquired a 211,000-square-foot Class A industrial property in Phoenix for $31 million.