Grocery-Anchored Retail

Montecito Marketplace

Las Vegas, NV

Acquired August 2017

At a Glance

Institutional quality, 190,000 square-foot high-volume Smith’s Grocery anchored neighborhood shopping center located on 19 acres in North Las Vegas.

Investment Rationale

  • Smith’s is the largest grocer in the Las Vegas market, capturing 24% market share according to Metro Market studies. The property is fully leased, and includes a diverse ‘daily needs’ tenancy featuring Chipotle, Starbucks, Chase, H&R Block, Pizza Hut and FedEx Kinkos.

  • The property is strategically located just off the I-95/I-215 interchange with visibility to an estimated 52,000 vehicles per day. Part of the larger 330-acre Montecito Town Center, the property also benefits from close proximity to several large employers including military, hospitality and healthcare services. The property offers excellent visibility and access with a 93% STARS score, LaSalle’s Supermarket Trade Area Ranking System (STARS) which analyzes over 40,000 grocery-anchored centers based on spending power and competition in the trade area.

  • Excellent fit with JLL Income Property Trust’s strategy to increase exposure to high-quality, grocery-anchored centers in retail markets that are strongly ranked by LaSalle research.

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Map Montecito