JP Morgan Asset Management
Update
05/17/24
J.P. Morgan Real Estate Income Trust, Inc. Acquires Grocery-Anchored Retail Shopping Center in Queens, New York
J.P. Morgan Real Estate Income Trust, Inc. (JPMREIT) has today it acquired a 95% interest in Shops at Grand Avenue, a 99,837-square foot, 100% leased, Class A grocery–anchored shopping center in the Maspeth neighborhood of Queens, NY. This acquisition is part of a strategic joint venture to pursue retail opportunities with Acadia Realty Trust (NYSE: AKR), an equity real estate investment trust. The total purchase price was $48 million (exclusive of closing costs), bringing the total asset value of the JPMREIT portfolio to more than $400 million.
This investment represents the first last-mile retail investment for JPMREIT. The Shops at Grand Avenue is a neighborhood retail center anchored by Stop & Shop, a major supermarket. The property is located in the heart of a dense residential neighborhood with roughly one million people residing within a three-mile radius.
"Driven by a resilient consumer and the increasing importance of service consumption, the neighborhood shopping center sector continues to be a bright spot in commercial real estate. We believe our focus on assets close to the consumer in supply-constrained, densely populated areas is a valuable component of our last-mile retail strategy," said Doug Schwartz, Co-President of JPMREIT. "The Shops at Grand Avenue represents execution of our 'New Economy' strategy, which focuses on a post-pandemic perspective of consumption, housing and work."
