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JLL acquires Scottsdale center


JLL Income Property Trust has purchased the Kierland Village Center in Scottsdale, Arizona, for $34.5 million. Kierland Village is an upscale development in the Phoenix suburb, which has seen a near 10% rise in population since 2000.

The 118,000-sq.-ft. neighborhood center is anchored by Safeway and houses Walgreens, Einstein Brothers, Pizza Hut, Panda Express, and a UPS Store.

The acquisition is in line with JLL’s current appetite for active, necessity-based centers.

“This is our 12th grocery-anchored retail acquisition, reflecting our retail strategy to expand our portfolio in key locations where convenient access coupled with positive demographic trends support our core investment thesis,” said Allan Swaringen, the company’s president and CEO.

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