NEW
YORK, May 16, 2024 /PRNewswire/ -- J.P. Morgan
Real Estate Income Trust, Inc. (JPMREIT) announced today it
acquired a 95% interest in Shops at Grand Avenue, a 99,837-square
foot, 100% leased, Class A grocery–anchored shopping center in the
Maspeth neighborhood of
Queens, NY. This acquisition is
part of a strategic joint venture to pursue retail opportunities
with Acadia Realty Trust (NYSE: AKR), an equity real estate
investment trust. The total purchase price was $48 million (exclusive of closing costs),
bringing the total asset value of the JPMREIT portfolio to more
than $400 million.
This investment represents the first last-mile retail investment
for JPMREIT. The Shops at Grand Avenue is a neighborhood retail
center anchored by Stop & Shop, a major supermarket. The
property is located in the heart of a dense residential
neighborhood with roughly one million people residing within a
three-mile radius.
"Driven by a resilient consumer and the increasing importance of
service consumption, the neighborhood shopping center sector
continues to be a bright spot in commercial real estate. We believe
our focus on assets close to the consumer in supply-constrained,
densely populated areas is a valuable component of our last-mile
retail strategy," said Doug
Schwartz, Co-President of JPMREIT. "The Shops at Grand
Avenue represents execution of our 'New Economy' strategy, which
focuses on a post-pandemic perspective of consumption, housing and
work."
For more information about this investment and other JPMREIT
properties, please visit the Resources page on its
website.
About JPMREIT
JPMREIT leverages J.P. Morgan Asset Management's more than 60
years of real estate investment experience and invests in
stabilized, income-producing assets and development positioned to
benefit from the way people live, work and consume in the new
economy. JPMREIT is externally advised and sponsored by J.P. Morgan
Investment Management Inc.
Forward-Looking Statements. This press release contains
forward-looking statements about the business of JPMREIT. These
forward-looking statements can be identified by the use of
forward-looking terminology such as "expect," "continue," "may,"
"will," "should," "anticipate," "intend" or other similar words or
the negatives thereof. These may include statements about plans,
objectives, intentions and expectations with respect to JPMREIT's
real estate investments and expected real estate acquisitions. Such
forward-looking statements are inherently uncertain and there are
or may be important factors that could cause actual outcomes or
results to differ materially from those indicated in such
statements. We believe these factors include but are not limited to
those described under the section entitled "Risk Factors" in
JPMREIT's annual report for the most recent fiscal year, and any
such updated factors included in JPMREIT's periodic filings with
the SEC, which are accessible on the SEC's website at www.sec.gov.
These factors should not be construed as exhaustive and should be
read in conjunction with the other cautionary statements that are
included in JPMREIT's public filings. Except as otherwise required
by federal securities laws, JPMREIT undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future developments or
otherwise.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy securities.
About J.P. Morgan Asset Management
J.P. Morgan Asset Management, with assets under management of
$3.2 trillion as March 31, 2024, is a global leader in investment
management. J.P. Morgan Asset Management's clients include
institutions, retail investors and high-net-worth individuals in
every major market throughout the world. J.P. Morgan Asset
Management offers global investment management in equities, fixed
income, real estate, hedge funds, private equity and liquidity. For
more information: www.jpmorganassetmanagement.com. J.P. Morgan
Asset Management is the marketing name for the asset management
businesses of JPMorgan Chase & Co. and its affiliates
worldwide.
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial
services firm based in the United States
of America ("U.S."), with operations worldwide. JPMorgan
Chase had $4.1 trillion in assets and
$337 billion in stockholders' equity
as of March 31, 2024. The Firm is a
leader in investment banking, financial services for consumers and
small businesses, commercial banking, financial transaction
processing and asset management. Under the J.P. Morgan and Chase
brands, the Firm serves millions of customers in the U.S., and many
of the world's most prominent corporate, institutional and
government clients globally. Information about JPMorgan Chase &
Co. is available at www.jpmorganchase.com.
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SOURCE J.P. Morgan Asset Management