Press Release

Jones Lang LaSalle Income Property Trust Completes Grocery-Anchored Retail Acquisition in Dallas

February 18, 2014 — Chicago

Jones Lang LaSalle Income Property Trust, Inc., an institutionally-managed, non-listed, daily valued perpetual life REIT, today announced it acquired Oak Grove Plaza, a grocery-anchored neighborhood shopping center located in Sachse, TX, a high-growth suburb northeast of Dallas. The 120,000 square foot center is 97 percent leased to 24 tenants, with a Kroger “Signature” store as the anchor tenant and a mix of well-established local and national tenants including McDonald’s, Hallmark, and Subway. The purchase price was approximately $22 million. The Company estimates the capitalization rate based on purchase price at 6.1 percent.

Oak Grove Plaza, just twenty miles from downtown Dallas, is strategically situated in an expanding residential corridor with strong demographics in terms of population density, growing household incomes and high daily traffic counts. The Signature Kroger store anchoring Oak Grove Plaza features a fuel station and pharmacy both of which generate significant customer traffic to this community-oriented shopping center. Kroger is the leading traditional grocer by market share in the Dallas-Fort Worth area.

“This investment is in keeping with our strategic decision to acquire community-oriented retail centers anchored by market-leading grocers in growing markets with strong demographics,” commented Allan Swaringen, President and CEO of Jones Lang LaSalle Income Property Trust. “This shopping center with its diverse base of nationally recognized and local market inline tenants further enhances the stable income profile of our portfolio while also providing further geographic and property type diversification, one of the unique features of our strategy.”


Jones Lang LaSalle 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 Jones Lang LaSalle 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.