Investment firm acquires Skokie Commons

JLL Income Property Trust today announced it acquired Skokie Commons, a newly constructed grocery-anchored shopping center located in Skokie.

The 93,000 square foot center is 97 percent leased, with Mariano's supermarket as the anchor tenant. Strong national tenants Starbucks, Bank of America, Long Horn Steakhouse and Noodles & Company further enhance the ongoing stability of the property. The purchase price was approximately $48.5 million. The acquisition was financed at approximately 50 percent loan to value with a fixed interest rate loan at 3.31 percent for 10 years. JLL Income Property Trust is based in Chicago.

"This investment provides exposure to a major metropolitan city and builds upon our other recent grocery anchored acquisitions in California and Texas," said Allan Swaringen, president and CEO of JLL Income Property Trust.

Skokie Commons is Mariano's 30th store in the Chicagoland market.

JLL Income Property Trust is a non-listed, daily valued perpetual life real estate investment trust that gives investors access to a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world's leading real estate services firms.