News release

Grocery-anchored retail center in Naples trades

JLL Capital Markets completed the sale of the fully leased Winn-Dixie-anchored property 

March 09, 2021

ORLANDO, March 9, 2021 – JLL Capital Markets announced today that it has closed the sale of Mission Hills Shopping Center, a fully leased, 85,078-square-foot neighborhood shopping center anchored by Winn-Dixie in one of the fastest-growing areas of Naples, Florida.

JLL marketed the property on behalf of the seller, Phillips Edison & Company, Inc. (“PECO”), an internally managed real estate investment trust (“REIT”) and one of the nation’s largest owners and operators of grocery-anchored shopping centers. Slate Grocery REIT acquired the asset.

Completed in 2005, Mission Hills was renovated in 2018 and features, in addition to Winn-Dixie, a full lineup of 17 internet-resistant, service-oriented tenants, with 85 percent deemed essential tenants. The center is situated on 18.8 acres at 7550 Mission Hills Dr. at a high-traffic, 17-lane signalized intersection with a combined traffic count of 67,500 cars per day. The center is in in Naples, one of the most affluent U.S. cities, and there are 38,000 residents with an average annual household income of nearly $121,000 living within a three-mile radius of the center. The area is expected to grow nearly 10 percent over the next five years, and this explosive residential growth is resulting in nearly 3,600 homes under construction or recently completed within two miles of the center.

The JLL Capital Markets team that represented the seller was led by Senior Managing Director Brad Peterson, Senior Director Whitaker Leonhardt and Analyst Tommy Isola.

“Winn-Dixie has been one of the success stories navigating through the global pandemic and has seen their credit rating improve and balance sheet become stronger, all as a result of increased sales revenue and reduced debt,” Peterson said. “Further, they have been actively renovating the stores in their portfolio, which includes an extensive renovation to their store at Mission Hills in Naples in 2018.

“Naples has also fared extremely well in the current environment, with people flocking to ‘drive-to’ markets in Florida and a steady flow of professionals and retirees alike permanently relocating to Florida’s Gulf Coast,” he added.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Phillips Edison & Company, Inc.

Phillips Edison & Company, Inc. (“PECO”), an internally managed REIT, is one of the nation’s largest owners and operators of grocery-anchored shopping centers. PECO’s diversified portfolio of well-occupied neighborhood shopping centers features a mix of national and regional retailers selling necessity-based goods and services in fundamentally strong markets throughout the United States. Through its vertically integrated operating platform, PECO manages a portfolio of 309 properties, including 283 wholly owned properties comprising approximately 31.7 million square feet across 31 states (as of September 30, 2020). PECO has generated strong operating results over its 29+ year history and has partnered with leading institutional commercial real estate investors, including TPG Real Estate and The Northwestern Mutual Life Insurance Company. PECO remains exclusively focused on creating great grocery-anchored shopping experiences and improving the communities it serves one center at a time. For more information, please visit

About Slate Grocery REIT (TSX: SGR.U / SGR.UN)

Slate Grocery REIT is an owner and operator of U.S. grocery-anchored real estate. The REIT owns and operates approximately U.S. $1.3 billion of critical real estate infrastructure across major U.S. metro markets that communities rely upon for their everyday needs. The REIT’s resilient grocery-anchored portfolio and strong credit tenants provide unitholders with durable cash flows and the potential for capital appreciation over the longer term. Visit to learn more about the REIT.