JLL Income Property Trust, a daily net asset value real estate investment trust, has purchased Fort Worth Distribution Center, a newly constructed, Class A warehouse/distribution center in the North Fort Worth/Alliance submarket.
The company could not disclose the purchase price, but a filing with the Securities and Exchange indicated that it was purchased for approximately $24 million.
The Fort Worth Distribution Center is a 350,000-square-foot, 36-foot clear height building with multiple truck courts and excess trailer parking. The property is the REIT’s fifth warehouse building purchased in the DFW market, bringing its industrial footprint in the market to 1.4 million square feet.
“Acquiring a vacant warehouse directly from a developer in an off-market transaction is somewhat unique for us,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust. “However, given the nearly half a million square feet of leasing recently we’ve completed in 2020…, we remain bullish on the industrial sector overall and look to increase our allocation as we head into the new year.”
“Once stabilized, this ‘lease-to-core’ investment will be highly accretive to our portfolio and may also provide an opportunity for growth given our above current market cap rate acquisition price,” he added.
The company noted that the Fort Worth Distribution Center fits well with its thesis of investing in “institutional-quality industrial assets located in close proximity to irreplaceable hubs of transportation.”
JLL Income Property Trust’s total industrial allocation is more than $860 million, or approximately 28 percent of its 82-property, $3.2 billion diversified core real estate portfolio. It now owns 36 industrial properties in 12 warehouse distribution markets throughout the country.
JLL Income Property Trust recently purchased Whitestown Distribution Center, a new Class A industrial portfolio located in Indianapolis’ industrial submarket of Whitestown for $62 million.
JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) owns and manages a $3.1 billion portfolio of 78 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.