J.P. Morgan Real Estate Income Trust, Inc. (JPMREIT) has recently acquired a 95% stake in the Shops at Grand Avenue, a fully leased and highly sought-after Class A shopping center located in Queens, NY. This strategic partnership with Acadia Realty Trust marks JPMREIT’s first foray into last-mile retail investments and significantly boosts its portfolio value to over $400 million.
The shopping center is anchored by Stop & Shop and boasts of an ideal location in a densely populated neighborhood with approximately one million residents within a three-mile radius.
According to Doug Schwartz, co-president of JPMREIT: “Driven by resilient consumer demand and the growing importance of service consumption, the neighborhood shopping center sector continues to shine bright in commercial real estate.” He further added that their focus on assets situated close to consumers in supply-constrained areas with high population density aligns perfectly with their last-mile retail strategy.
The acquisition of The Shops at Grand Avenue showcases our commitment towards executing our ‘New Economy’ approach which prioritizes post-pandemic perspectives on consumption patterns as well as housing and work dynamics.”
