J.P. Morgan Real Estate Income Trust, Inc. (JPMREIT) has acquired a 95% interest in the Shops at Grand Avenue, a fully leased, Class A grocery-anchored shopping center in Queens, NY. This strategic joint venture with Acadia Realty Trust marks JPMREIT’s first last-mile retail investment and expands its portfolio value to over $400 million. Anchored by Stop & Shop, the shopping center is located in a densely populated neighborhood with approximately one million residents 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.”