Shops at Grand Avenue
![shops-at-grand-avenue-print-files-main-photo](https://cdn.jpmorganfunds.com/content/dam/jpm-am-aem/americas/us/en/images/reits-images/shops-at-grand-avenue-print-files-main-photo.jpg)
Thesis:
Investment provides JPMREIT exposure to high-conviction neighborhood retail in Queens, NY
Excellent location less than five miles east of Manhattan in the heart of a dense residential neighborhood with approximately one million people within a three-mile radius
Uncommonly abundant parking with 336 spaces free of charge
Stable cash flow through a long-term Stop & Shop lease with remaining tenants providing upside potential at below-market rents
Service-oriented tenants include beauty, restaurants, fitness, financial services and medical
Off–market recapitalization in a 95%/ 5% joint venture with high-quality retail operator, Acadia Realty Trust
Property Type
Grocery- and service-oriented retail
Market
Queens, NY
Investment Date
May 2024
Size
~100k Square feet
Purchase Price
$48.3M
![shops-at-grand-avenue-print-files-55](https://cdn.jpmorganfunds.com/content/dam/jpm-am-aem/americas/us/en/images/reits-images/shops-at-grand-avenue-print-files-55.jpg)
![shops-at-grand-avenue-print-files-65](https://cdn.jpmorganfunds.com/content/dam/jpm-am-aem/americas/us/en/images/reits-images/shops-at-grand-avenue-print-files-65.jpg)
![shops-at-grand-avenue-print-files-5-v1](https://cdn.jpmorganfunds.com/content/dam/jpm-am-aem/americas/us/en/images/reits-images/shops-at-grand-avenue-print-files-5-v1.jpg)
As of May 2024. Source: JPMAM. Assumptions are based upon available data at time of closing.All models and projections are subject to change and non-binding.Any forecasts, figures, opinions, views and investment techniques, unless otherwise stated, are those of the investment manager/ adviser at the time of this document. Theyare considered to beaccurate at the time of writing, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. They may be subject to change.Past performance is not a reliable indicator of current and future results.All statistics are intentionally as of the closing date unless otherwise noted and in local currency.