JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), has purchased a Class A industrial distribution center totaling 145,000 square feet located in southwest suburban Dallas. The purchase price was not disclosed.
The property is 100 percent leased to Fruit of the Earth through January 2027 and is located five miles south of DFW International Airport in the Great Southwest submarket. The REIT noted that its central location between Dallas and Fort Worth is attractive to both local distributors and national companies.
“The acquisition of this industrial distribution center continues our strategic approach to grow our industrial allocation through investments in modern, strategically located properties that provide steady income through long-term leases,” said Allan Swaringen, president and CEO of JLL Income Property Trust. “This investment brings our aggregate industrial allocation to $670 million and over 6.3 million square feet representing 26 percent of the value of the overall JLL Income Property Trust portfolio.”
Last month, JLL Income Property Trust bought Stonemeadow Farms, a 280-unit apartment community in the Seattle suburb of Bothell, Washington, for $81.8 million.
Jones Lang LaSalle Income Property Trust owns and manages a multi-billion portfolio of 69 office, retail, industrial and apartment properties located in the United States, as of the first quarter of 2019. Since 2012, the company has raised nearly $1.8 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan.