JLL Income Property Trust buys Milford Crossing shopping center near Boston
JLL Income Property Trust has purchased the newly-built Milford Crossing shopping center in Milford, Massachusetts for about $42 million.
According to the real estate investment trust (REIT), the 160,000 square-foot grocery-anchored neighborhood shopping center is 99% occupied and is leased by restaurants, medical, fitness and service-oriented retailers. In addition, there is a brand-new Stop & Shop grocery store, which is said to include a full range of prepared foods, full-service pharmacy, and an in-store Starbucks and Citizen’s Bank.
Milford Crossing is located at the intersection of Interstate 495, Route 109, and Route 16 with access available from each of these highways.
JLL Income Property Trust claims that the centralized location of the shopping center enables it to serve more than 20 towns and communities in the neighboring trade area.
Allan Swaringen – President and CEO of JLL Income Property Trust said: “Milford Crossing is an excellent fit within JLL Income Property Trust’s strategy to acquire higher quality, well-located core, income-producing properties in primary markets around the country. This investment aligns well with our objective of providing secure, durable, long-term income streams for investors and make it an excellent addition to our core, income-oriented portfolio.
“Eighty percent of the square footage of this center is leased to credit tenants and with a weighted average lease term (WALT) in excess of ten years, Milford Crossing has a top 30% STARS score ranking, giving us confidence in the long-term resiliency of this location.”