Key Takeaways
- • Nuveen Real Estate acquired a 13-property open-air retail portfolio spanning 1.9 million square feet in California, Colorado and Washington for $445.5 million.
- • The portfolio was 93.5 percent leased at the time of sale and is anchored primarily by grocery tenants including Safeway, Walmart Neighborhood Market, Sprouts Farmers Market, FoodMaxx and Grocery Outlet.
- • JLL represented Nuveen in the transaction and arranged $239 million in financing for 11 of the properties through U.S. Bank.
- • JLL characterized the deal as one of the largest anchored retail portfolio transactions in the western United States in recent years.
Summary
Nuveen Real Estate has acquired a 13-property open-air retail portfolio totaling 1.9 million square feet for $445.5 million, according to the publication's report from Orange County, California. The portfolio comprises six properties in California, four in Colorado and three in Washington. At the time of sale, the assets were 93.5 percent leased.
The properties are grocery-anchored by tenants including Safeway, Walmart Neighborhood Market, Sprouts Farmers Market, FoodMaxx and Grocery Outlet. Additional retailers in the centers include Target, T.J. Maxx, Marshalls, Ross Dress for Less and Best Buy. JLL, which cited the transaction as one of the largest anchored retail portfolio deals in the western United States in recent years, characterized the acquisition in those terms.
Daniel Tyner, Geoff Tranchina, Gleb Lvovich and Eric Kathrein of JLL represented Nuveen Real Estate in the transaction. A separate JLL team comprising Kevin MacKenzie, Spencer Bergthold and John Marshall arranged $239 million in financing for 11 of the properties through U.S. Bank.
The transaction underscores continued institutional demand for grocery-anchored retail real estate, a sector that has attracted capital for its relatively resilient tenant base and essential-goods focus.
The properties are grocery-anchored by tenants including Safeway, Walmart Neighborhood Market, Sprouts Farmers Market, FoodMaxx and Grocery Outlet. Additional retailers in the centers include Target, T.J. Maxx, Marshalls, Ross Dress for Less and Best Buy. JLL, which cited the transaction as one of the largest anchored retail portfolio deals in the western United States in recent years, characterized the acquisition in those terms.
Daniel Tyner, Geoff Tranchina, Gleb Lvovich and Eric Kathrein of JLL represented Nuveen Real Estate in the transaction. A separate JLL team comprising Kevin MacKenzie, Spencer Bergthold and John Marshall arranged $239 million in financing for 11 of the properties through U.S. Bank.
The transaction underscores continued institutional demand for grocery-anchored retail real estate, a sector that has attracted capital for its relatively resilient tenant base and essential-goods focus.
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