Jones Lang LaSalle Income Property Trust Completes Grocery-Anchored Retail Acquisition in Dallas
February 18 2014 - Jones Lang LaSalle Income Property Trust, Inc., an institutionally-managed, non-listed, daily valued perpetual life REIT, today announced it acquired Oak Grove Plaza, a grocery-anchored neighborhood shopping center located in Sachse, TX, a high-growth suburb northeast of Dallas.
Jones Lang LaSalle Income Property Trust, Inc., an institutionally-managed, non-listed, daily valued perpetual life REIT, today announced it acquired Oak Grove Plaza, a grocery-anchored neighborhood shopping center located in Sachse, TX, a high-growth suburb northeast of Dallas. The 120,000 square foot center is 97 percent leased to 24 tenants, with a Kroger “Signature” store as the anchor tenant and a mix of well-established local and national tenants including McDonald’s, Hallmark, and Subway. The purchase price was approximately $22 million. The Company estimates the capitalization rate based on purchase price at 6.1 percent.
Oak Grove Plaza, just twenty miles from downtown Dallas, is strategically situated in an expanding residential corridor with strong demographics in terms of population density, growing household incomes and high daily traffic counts. The Signature Kroger store anchoring Oak Grove Plaza features a fuel station and pharmacy both of which generate significant customer traffic to this community-oriented shopping center. Kroger is the leading traditional grocer by market share in the Dallas-Fort Worth area.
“This investment is in keeping with our strategic decision to acquire community-oriented retail centers anchored by market-leading grocers in growing markets with strong demographics,” commented Allan Swaringen, President and CEO of Jones Lang LaSalle Income Property Trust. “This shopping center with its diverse base of nationally recognized and local market inline tenants further enhances the stable income profile of our portfolio while also providing further geographic and property type diversification, one of the unique features of our strategy.”
Jones Lang LaSalle Income Property Trust is a non-listed, daily valued perpetual life real estate investment trust (REIT) that gives investors access to a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.
For more information on Jones Lang LaSalle Income Property Trust, please visit our website at www.jllipt.com.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, we manage approximately $71 billion of assets in private equity, debt and public real estate investments as of Q4 2020. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
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