Retail

Monticeto Marketplace

Las Vegas, NV

Acquired August 2017

At a Glance

Select Tenants

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. 

  • Las Vegas has benefitted from an influx of residents due to its high quality of life, lower housing costs and favorable tax benefits. The residential housing market has grown by 15% since 2000, and median new home prices have increased by 6% to $312,000. The North Las Vegas submarket has seen 23% growth in population with median incomes that are 45% higher than the Las Vegas average. Over 200,000 people earning an average household income of $89,000 reside within a five-mile radius of Montecito Marketplace, which is anticipated to increase to $99,000 by 2022, according to Esri.

  • 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.

  • Las Vegas retail market value has quickly expanded, according to NCREIF Property Index (NPI), reaching $5.4 billion in Q1 2017, compared to only $86 million in Q1 2016. It now ranks ninth nationally in terms of market value held in NPI retail. Among metros with over 1 million residents, Las Vegas had the nation’s fourth fastest growing population in 2016 and, according to Esri, is projected to grow at double the U.S. rate through 2022.

  • 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.

Property Gallery

Location

Map Montecito

Summary of Risk Factors

You should read the prospectus carefully for a description of the risks associated with an investment in JLL Income Property Trust. Some of these risks include but are not limited to the following:

  • Since there is no public trading market for shares of our common stock, repurchases of shares by us after a one-year minimum holding period will likely be the only way to dispose of your shares.
  • After a required one-year holding period, we limit the amount of shares that may be repurchased under our repurchase plan to approximately 5% of our net asset value (NAV) per quarter and 20% of our NAV per annum. Because our assets will consist primarily of properties that generally cannot be readily liquidated, we may not have sufficient liquid resources to satisfy repurchase requests. Further, our Board of Directors may modify or suspend our repurchase plan if it deems such action to be in the best interest of our stockholders. As a result, our shares have limited liquidity and at times may be illiquid.
  • The purchase and redemption price for shares of our common stock will be based on the NAV of each class of common stock and will not be based on any public trading market. Because valuation of properties is inherently subjective, our NAV may not accurately reflect the actual price at which our assets could be liquidated on any given day.
  • We are dependent on our advisor to conduct our operations. We will pay substantial fees to our advisor, which increases your risk of loss.
  • We have a history of operating losses and cannot assure you that we will achieve profitability.
  • Our advisor will face conflicts of interest as a result of, among other things, time constraints, allocation of investment opportunities, and the fact that the fees it will receive for services rendered to us will be based on our NAV, which it is responsible for calculating.
  • The amount of distributions we make is uncertain and there is no assurance that future distributions will be made. We may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, or offering proceeds.
  • Our use of leverage increases the risk of your investment.
  • If we fail to maintain our status as a REIT, and no relief provisions apply, we would be subject to serious adverse tax consequences that would cause a significant reduction in our cash available for distribution to our stockholders and potentially have a negative impact on our NAV.

Forward-Looking Statement Disclosure

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 registration statement on Form S-11 (Registration No. 333-196886) and periodic reports filed with the Securities and Exchange Commission. Although we believe 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. We undertake no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in our expectations.

This sales and advertising literature is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus. This literature must be read in conjunction with the prospectus in order to fully understand all of the implications and risks of the offering of securities to which the prospectus relates. A copy of the prospectus must be made available to you in connection with any offering. No offering is made except by a prospectus led with the Department of Law of the State of New York. Neither the Securities and Exchange Commission, the Attorney General of the State of New York nor any other state securities regulator has approved or disapproved of our common stock, determined if the prospectus is truthful or complete, or passed on or endorsed the merits of this offering. Any representation to the contrary is a criminal offense.
This sales and advertising literature is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus. This literature must be read in conjunction with the prospectus in order to fully understand all of the implications and risks of the offering of securities to which the prospectus relates. A copy of the prospectus must be made available to you in connection with any offering. No offering is made except by a prospectus led with the Department of Law of the State of New York. Neither the Securities and Exchange Commission, the Attorney General of the State of New York nor any other state securities regulator has approved or disapproved of our common stock, determined if the prospectus is truthful or complete, or passed on or endorsed the merits of this offering. Any representation to the contrary is a criminal offense.

Many states have additional suitability standards. Please see the prospectus for suitability standards in your state.