JP Morgan REIT Buys Queens Shopping Center for $48M | GlobeSt

By GlobeSt.com Staff
May 17, 2024 at 05:44 AM

This was the first last-mile retail investment for the REIT.

J.P. Morgan Real Estate Income Trust has acquired a 95% interest in Shops at Grand Avenue, a 99,837-square foot, grocery–anchored shopping center in the Maspeth neighborhood of Queens, NY that is fully leased. This acquisition is part of a joint venture to pursue retail opportunities with Acadia Realty Trust.  The total purchase price was $48 million and the deal has brought 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.

“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,” said Doug Schwartz, Co-President of JPMREIT. “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.”