JLL arranges $108.7M sale and $66.36M financing of Arizona Grocery Portfolio

• JLL Capital Markets arranges the $108.7 million sale and $66.36 million financing of Arizona Grocery Portfolio, a 422,949-square-foot retail portfolio spanning Phoenix and Tucson

• A&C Properties Inc. sold the seven-property grocery-anchored portfolio to 11North Partners

• The acquisition marks 11North Partners' first investment in Arizona's retail market

PHOENIX, Nov. 5, 2026 – JLL Capital Markets announced today the $108.7 million sale of Arizona Grocery Portfolio, a seven-property, 422,949-square-foot grocery-anchored retail portfolio located across Phoenix and Tucson, Arizona.

JLL represented the seller, A&C Properties Inc., in the transaction. 11North Partners acquired the asset. Working on behalf of the new owner, JLL also arranged $66.36 million in acquisition financing through a leading insurance company.

The portfolio features strategic positioning along high-traffic corridors throughout multiple submarkets in both metropolitan areas. The seven properties benefit from limited retail supply in their surrounding trade areas and feature below-market rents that provide significant value-creation opportunities. Currently operating at 96% occupancy, the portfolio is anchored by Fry's Food & Drug (NYSE:KR) and features a diverse tenant mix that includes daily needs and necessity-based retailers serving each respective community.

The properties deliver strong cash flow through their grocery-anchored format while offering investors mark-to-market opportunities through tenant curation and lease renewals. The Phoenix and Tucson markets continue to attract retail investment capital due to population growth, favorable business climates and strong consumer spending patterns. This acquisition represents 11North Partners' inaugural investment in Arizona and expands the buyer's necessity-based retail platform into its eighth state.

The JLL Capital Markets Investment Sales and Advisory team was led by Managing Director Patrick Dempsey, Director Tess Berghoff and Analyst Ross Jorgensen. The JLL Capital Markets Debt Advisory team was led by Director Jarrod Howard.

"A&C Properties Inc. assembled a high-quality grocery-anchored portfolio positioned in submarkets with limited retail supply and strong traffic patterns," Dempsey said. "11North Partners recognized the long-term value in these well-located assets and the opportunity to enhance returns through thoughtful leasing strategies and mark-to-market adjustments."

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of approximately 112,000 as of September 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com. 

A&C Properties is a private company operating commercial and retail properties in Arizona and Las Vegas.

11North Partners is a real estate investment firm focused on curating a portfolio of retail investments diversified across markets and product types. With a focus on the intersection of superior performance and bold vision, the 11North team is dedicated to redefining the traditional approach to retail real estate.

The team’s combination of deep industry expertise, retailer and owner relationships, and blue-chip institutional partners provides unique insight into the ever-evolving retail landscape and unparalleled access to deal flow. 11North seeks to deliver attractive risk-adjusted returns through unlocking value across retail verticals including real estate ownership, debt and operating company investment. For more information, visit https://www.11northpartners.com.