JLL Income Property Trust Buys 1 Million SF Louisville Distribution Center
JLL Income Property Trust, a non-traded daily net asset value real estate investment trust, has purchased the Louisville Distribution Center.
JLL Income Property Trust, a non-traded daily net asset value real estate investment trust, has purchased the Louisville Distribution Center, a 1 million-square-foot, Class A industrial property located in the industrial submarket of South Louisville, Kentucky. The purchase price was $95 million.
The property includes 40-foot clear heights, cross-docking, LED motion sensor lighting, 234 trailer parking spaces and HVAC throughout. This investment brings JLL Income Property Trust’s total industrial allocation to nearly $900 million, or 28 percent of the portfolio, across 34 properties in 12 warehouse markets.
“The Louisville industrial market’s low vacancy rate of just 4.2 percent and central location makes it an excellent market for us to continue to increase our allocation to core industrial assets located in close proximity to irreplaceable transportation infrastructure,” said Allan Swaringen, JLL Income Property Trust president and chief executive officer. “The property’s modern layout is bolstered by significant building improvements invested by the tenant, which, coupled with the 10-year lease to an investment-grade credit, Fortune 100 company is expected to provide predictability of cashflow for years to come.”
According to LaSalle Research & Strategy, Louisville is an overweight market whose merit is driven by an above average return outlook and strong rent growth expectations. The city’s central location at the confluence of major highways allows distribution to over half the U.S. population within a day’s drive via various interstate highways. The property is also within 20 miles of major distribution hubs including UPS Worldport (Air Distribution Hub), UPS Centennial Hub (Ground Distribution Hub), and the Louisville International Airport.
JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) owns and manages a $3.3 billion portfolio of 82 properties, including apartment, industrial, office and retail assets located in the United States. The REIT has raised approximately $2 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan.
