Home Alts News JLL Income Property Trust Buys Florida Industrial Property for $28.3 Million

JLL Income Property Trust Buys Florida Industrial Property for $28.3 Million

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JLL Income Property Trust, a non-listed, daily valued perpetual life REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), acquired a class A distribution center in Tampa, Florida for approximately $28.3 million. The estimated capitalization rate based on purchase price was 6 percent.

The cross-docked warehouse property totals 386,000 square feet and is 100 percent leased to two publicly-traded companies and serves as their primary distribution facility for Central and Southwest Florida.

“This acquisition furthers our investment strategy to increase our allocation to higher quality, state-of-the-art distribution centers in select, primary transportation hubs,” noted Allan Swaringen, president and chief executive officer of JLL Income Property Trust.

He added, “This is our seventeenth property investment we’ve made in the industrial sector over the last three years, growing our portfolio allocation from 6 percent to 23 percent of our asset base and representing an industrial sector investment of nearly $345 million. This overweighting has served our stockholders well, as our industrial property sector is 99 percent leased to 32 tenants with a weighted average lease duration of more than six 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 $723.5 million in investor equity since inception, according to the most recent Stanger Market Pulse.

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