REIT Interest in Grocery-Anchored Retail Continues0 Comment
On behalf of CBL & Associates Properties, Inc., JLL’s Capital Markets experts today announced the sale of Eastgate Crossing Shopping Center. A joint venture of Inland Real Estate Corporation purchased the center. The nearly 175,000-square-foot property is 100 percent occupied by anchors Kroger, Marshalls, Ashley Furniture and Jo-Ann Fabrics.
“Grocery-anchored shopping centers continue to draw strong interest from the investment community, especially properties like Eastgate, which feature a top grocer and discount retailers,” said Managing Director Margaret Caldwell, who led the JLL team on this transaction. “We anticipate an uptick in REIT interest in grocery-anchored assets, particularly in rising markets, as they seek a safe haven to place capital while differentiating their portfolios.”
Eastgate Crossing is strategically located approximately 15 miles east of Cincinnati’s CBD in the heart of the Eastgate retail hub. The property is across Eastgate Boulevard from Eastgate Mall near the highly trafficked intersection of I-275 and State Road 32.