J.P. Morgan Real Estate Income Trust And Acadia Realty Trust Acquire Grocery-Anchored Retail Shopping Center in Queens, New York In Joint Venture For A Total Purchase Price Of $48M
Portfolio Pulse from Benzinga Newsdesk
J.P. Morgan Real Estate Income Trust (JPMREIT) and Acadia Realty Trust (NYSE: AKR) have jointly acquired a grocery-anchored retail shopping center in Queens, NY for $48 million. This acquisition is part of a strategic joint venture to pursue retail opportunities.
May 16, 2024 | 7:42 pm
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Acadia Realty Trust (NYSE: AKR) has acquired a grocery-anchored retail shopping center in Queens, NY in a joint venture with J.P. Morgan Real Estate Income Trust for $48 million.
The acquisition of a fully leased, Class A grocery-anchored shopping center in a densely populated area is likely to positively impact AKR's portfolio and revenue streams.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
J.P. Morgan Real Estate Income Trust (JPMREIT) has acquired a 95% interest in a grocery-anchored retail shopping center in Queens, NY for $48 million, marking its first last-mile retail investment.
This acquisition enhances JPMREIT's portfolio value and marks its entry into last-mile retail investments, which could be a strategic growth area.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 60