Press Release
JLL Income Property Trust Declares 55th Consecutive Quarterly Dividend
August 13, 2025
Glendale, AZ
Acquired July 2025
Naperville, IL
Acquired April 2025
Richmond, Virginia
Acquired March 2025
Maple Grove, MN
Acquired November 2024
August 7, 2025
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 the 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.
You should read the prospectus carefully for a description of the risks associated with an investment in JLL Income Property Trust (JLLIPT). Some of these risks include but are not limited to the following:
This literature contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will,” and other similar terms, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks, uncertainties, and contingencies include, but are not limited to, the following: our ability to effectively raise capital in our offering; uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our investment strategy; and other risk factors as outlined in our prospectus and periodic reports filed with the Securities and Exchange Commission. Although JLLIPT believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. JLLIPT undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in our expectations.
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