J.P. Morgan Real Estate Income Trust, Inc. Acquires Grocery-Anchored Retail Shopping Center in Queens, New York

Company Overview - J.P. Morgan Real Estate Income Trust, Inc. (JPMREIT) has acquired a 95% interest in Shops at Grand Avenue, a 99,837-square foot, fully leased, Class A grocery-anchored shopping center in Queens, NY for a total purchase price of $48 million, increasing its asset value to over $400 million [1] - This acquisition marks JPMREIT's first last-mile retail investment, focusing on properties in densely populated areas [1][2] Strategic Focus - The investment aligns with JPMREIT's "New Economy" strategy, which emphasizes a post-pandemic perspective on consumption, housing, and work [2] - The Shops at Grand Avenue is strategically located in a residential area with approximately one million residents within a three-mile radius, highlighting the importance of proximity to consumers in retail investments [1][2] Market Context - The neighborhood shopping center sector is experiencing growth, driven by resilient consumer behavior and the rising significance of service consumption [2] - JPMREIT's strategy targets assets in supply-constrained, densely populated areas, which are seen as valuable for last-mile retail opportunities [2]