Dealmaker: JLL Income Property Trust Acquires Montecito Marketplace for $63M

JLL Income Property Trust, Chicago, acquired Montecito Marketplace, a 190,000 square-foot grocery-anchored neighborhood shopping center in Las Vegas for $63 million.

The fully leased property is anchored by a Smith’s Grocery and TJ Maxx.

The Las Vegas housing market has grown by 15 percent since 2000 and median new home prices have increased by six percent to $312,000, JLL said. Among metropolitan areas with more than one million residents, Las Vegas had the nation’s fourth-fastest growing population in 2016 and is projected to grow at double the U.S. rate through 2022.

Montecito Marketplace’s North Las Vegas submarket has seen 23 percent population growth since 2000 with median incomes 45 percent higher than the Las Vegas average. More than 200,000 people with an average household income of $89,000 reside within five miles.

“Montecito Marketplace is an excellent fit within JLL Income Property Trust’s retail portfolio, as we increase exposure to high-quality, grocery-anchored centers in strong metropolitan markets,” said JLL Income Property Trust President and CEO Allan Swaringen. He noted that the property’s location, credit profile and long-term leases made it a good fit to the real estate investment trust’s core, income-oriented portfolio.”

Montecito Marketplace is near the I-95/I-215 interchange, so more than 50,000 vehicles per day pass by. It is part of the larger 330-acre mixed-use development Montecito Town Center.