LAS VEGAS — JLL Income Property Trust, a REIT with approximately $6.8 billion in portfolio assets, purchased Silverado Square, a retail center in Las Vegas. An undisclosed seller sold the asset for $24.4 million.
Sprouts Farmers Market anchors the 48,000-square-foot property, which includes a parcel that is fully entitled for nearly 5,000 square feet of rentable retail space. Constructed in 2018, the property has a weighted average lease term of more than eight years, including a 15-year lease signed by Sprouts in 2018 that features 10 percent rent escalations every five years. At the time of sale, the property was 98 percent leased.
JLL Income Property Trust plans to build a three-tenant building on the fully entitled parcel. The new building is slated for completion later this year.