JLL Income Property Trust has acquired Milford Crossing, a newly-constructed 160,000 square-foot high-quality grocery-anchored neighborhood shopping center in Milford, Massachusetts, just 24 miles from Boston for $ 42 million.
“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,” said Allan Swaringen, President and CEO of JLL Income Property Trust.
“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,” he added.
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LaSalle’s Research and Strategy team developed its own proprietary Supermarket Trade Area Ranking System (STARS), which analyzes over 40,000 grocery-anchored shopping centers based upon spending power and competition in the trade area.
The shopping center in Milford is anchored by Stop & Shop grocery store, one of this grocer’s full-service concept stores which includes a full line of prepared foods, full-service pharmacy, and instore Starbucks and Citizen’s Bank.
The 99% occupied shopping center is leased to a strong mix of e-commerce resistant, category-leading tenants including restaurants, medical, fitness and service-oriented retailers
Milford is well situated between New England’s major business centers, Boston, Providence and Worcester in an affluent community with a 5-mile radius median income that is 23% higher than Boston. Milford Crossing’s centralized location serves over 20 towns and communities in the surrounding trade area. The center is located at the highly visible and trafficked junction of Interstate 495, Route 109 and Route 16 with great signage and access from each of these highways.