The Milford Crossing shopping plaza. Photo courtesy of JLL Income Property Trust.

A brand-new supermarket-anchored shopping center in Milford has sold for $42 million.

The 160,000-square-foot Milford Crossing development is anchored by a Stop & Shop and was 99 percent occupied at the time of sale. Tenants include TJ Maxx and Home Goods locations along with restaurants, medical, fitness and service-oriented retailers. The center is located at the highly visible and highly trafficked junction of Interstate 495, Route 109 and Route 16.

JLL Income Property Trust, an institutionally managed daily NAV REIT bought the property at 120-128 Medway Road from its developer, New York-based RD Management LLC.

“Milford Crossing is an excellent fit within JLL Income Property Trust’s strategy to acquire higher quality, well-located core, income-producing properties in primary markets around the country,” JLL Income Property Trust President and CEO Allan Swaringen said in a statement. “This investment aligns well with our objective of providing secure, durable, long-term income streams for investors and make it an excellent addition to our core, income-oriented portfolio. Eighty percent of the square footage of this center is leased to credit tenants and with a weighted average lease term in excess of 10 years, Milford Crossing has a top 30 percent [LaSalle Supermarket Trade Area Ranking System] score ranking, giving us confidence in the long-term resiliency of this location.”