Press Release

JLL Income Property Trust Completes Retail Acquisition in Kahului, Hawaii

January 13, 2016 — Chicago

JLL Income Property Trust, an institutionally-managed, non-listed, daily valued perpetual life REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), today announced it acquired Maui Mall, a grocery-anchored retail center located in Kahului, Hawaii on the island of Maui. The recently expanded 235,000 square foot center is 91% leased and anchored by Whole Foods, Longs Drugs (CVS), Regal Cinemas, and TJ Maxx.

Maui Mall is centrally located in Kahului, Maui’s largest retail trade area and the population center of the island. Situated at the intersection of Kaahumanu and Puunene Avenues, the center is easily accessible to local residents as well as visitors arriving from the nearby Kahului Airport. The Kahului Harbor is located across the street from the center, which creates substantial traffic from docked cruise ships.

“This acquisition reflects our strategy to increase our portfolio’s exposure to high-quality, grocery-anchored centers in top national retail markets,” commented Allan Swaringen, President and CEO of JLL Income Property Trust. “Maui Mall is our sixth new acquisition in the grocery-anchored retail format and the property’s strategic location and compelling tenant mix combined with a high-performing grocery store should provide the fundamentals to sustain the property’s long-term performance,” added Swaringen.

Throughout it’s over 40-year history, Maui Mall has served as a gathering place for people to shop, dine and play. The seller, a venture including Alberta Development Partners, recently began upgrading the center and has already begun to see the benefit as a number of new tenants, including Max’s Restaurant, TJ Maxx and Pure Barre have signed leases. JLL Income Property Trust intends to continue the common area improvement program under its ownership and has a long-term vision of enhancing Maui Mall’s unique sense of community that has allowed it to thrive.

TJ Maxx, which opened in summer of 2015, has been very well received. TJ Maxx cited the demographic of the population surrounding the center as its primary reason for choosing the location to open its first store on Maui. “In general, when we open new stores, we look for areas with the right mix of demographics, which can include families with children, home ownership, thriving retail areas, and areas where shoppers are fashion-conscious, yet value- conscious,” said Brittany Farrell, real estate spokesperson for TJ Maxx.

In 2015, Pure Barre opened its first location in Hawaii at Maui Mall, quickly becoming popular with both locals and visitors. In December, Max’s Restaurant opened its doors at the center, marking the fast-casual restaurant’s first venture onto Maui. Owner Ernie Abarro, who also owns the IHOP at the mall, says the Maui Mall is the ideal location for his 4,200-square-foot restaurant. He said the improvements Alberta Development Partners has made to the mall have made it more attractive to anchor tenants like Regal Cinemas Maui Megaplex 12, Whole Foods and Longs Drugs, which is renovating both the interior and exterior of its space. “They really cleaned it up,” Abarro said. “And there’s plenty of parking.”

“We are looking forward to working with new ownership to complete the center’s renovation plans and to expand its merchandise offerings with new leasing opportunities for both local and national retailers,” commented Rosalind Schurgin, CEO of The Festival Companies, the management company for Maui Mall.

JLL Income Property Trust is a non-listed, daily valued perpetual life real estate investment trust (REIT) 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.

For more information on JLL Income Property Trust, please visit our website at www.jllipt.com. 


About Jones Lang LaSalle Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX)

Jones Lang LaSalle Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing apartment, industrial, office and grocery-anchored retail properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis.

About LaSalle Investment Management

LaSalle Investment Management, Inc., a member of the JLL group and advisor to JLL Income Property Trust, is one of the world’s leading real estate investment managers with approximately $73.4 billion equity and debt investments under management (as of Q1 2021). LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open and closed-end funds, public securities and entity-level investments. LaSalle is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Inc. (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.

Forward Looking Statements

This press release may contain forward-looking statements with respect to JLL Income Property Trust. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management’s intentions, beliefs, expectations, research, market analysis, plans or predictions of the future. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Past performance is not indicative of future results and there can be no assurance that future dividends will be paid.