JLL Income Property Trust, a daily net asset value real estate investment trust, has purchased the Louisville Airport Distribution Center, a nearly 284,000-square-foot, newly constructed Class A industrial property, for $32.1 million.
This is the REIT’s second acquisition in Louisville, Kentucky after purchasing the Louisville Distribution Center earlier this year.
“The Louisville Airport Distribution Center’s infill location in the Southside/Airport industrial submarket, where vacancy is just 1.9 percent, makes this an excellent portfolio fit for us as we continue to increase our allocation to core industrial assets located in close proximity to irreplaceable transportation infrastructure,” said Allan Swaringen, president and chief executive officer.
Constructed in 2020, the property is fully leased to Haier US Appliance Solutions (an entity of GE Appliances) and Derby Industries, with a weighted average lease term of 5.1 years. It includes a 36-foot clear height, LED lighting, and heating, ventilation, and air conditioning throughout.
The property is within five miles from major distribution hubs including UPS Worldport (air distribution hub), UPS Centennial Hub (ground distribution hub), and the Louisville International Airport. The property is 2.5 miles from GE Appliance Park, the firm’s 900-acre manufacturing facility.
Louisville Airport Distribution Center brings the REIT’s total industrial allocation to more than $1 billion of industrial holdings in 39 properties across 12 markets, or approximately 31 percent of its $3.7 billion portfolio.
JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) owns and manages a $3.7 billion portfolio of multifamily, industrial, office and grocery-anchored retail properties located in the United States. The REIT has raised $2.1 billion in investor equity as of April 2021.