JLL Income Property Trust Buys Chicago Warehouse for $27.7 Million
JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), a non-listed, daily valued perpetual life REIT, has acquired Aurora Distribution Center in the Chicago outer market for $27.7 million. The estimated capitalization rate based on purchase price is 5.4 percent.
The Aurora Distribution Center is a 305,000-square-foot warehouse that is 100 percent leased to Fortune 200 manufacturer, PPG Industries, for 12 years with 2 percent annual rent increases.
“Acquiring high quality, state-of-the-art distribution centers in select, primary transportation hubs like Chicago is a core component of our industrial investment strategy. This is our second industrial acquisition in this market in the past six months, and the eighteenth property investment we’ve made in the industrial sector over the last three years representing an industrial sector investment of over $370 million.” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust.
He added, “This overweighting has served our stockholders well as our industrial property sector is 100 percent leased to 33 tenants with a weighted average lease of 6.5 years.”
Jones Lang LaSalle Income Property Trust owns and manages a diversified portfolio of office, retail, industrial and apartment properties located primarily in the United States. The company went effective in October 2012 and has raised $778.8 million in investor equity since inception, according to the most recent Stanger Market Pulse.
