JLL Income Property Trust Buys Four-Building Distribution Center Near Atlanta
JLL Income Property Trust, a daily net asset value real estate investment trust, has purchased Friendship Distribution Center in Buford, Georgia.
JLL Income Property Trust, a daily net asset value real estate investment trust, has purchased Friendship Distribution Center, a newly constructed, four-building industrial portfolio, for $95 million.
Friendship Distribution Center totals nearly 650,000 square feet and are located in the Atlanta suburb of Buford, Georgia. The Class A property is 96 percent leased to five tenants, with a weighted average lease term of approximately six years.
“Friendship Distribution Center’s location in Atlanta’s Northeast submarket, high quality new construction and proximity to irreplaceable transportation infrastructure makes this an excellent portfolio fit for us as we continue to execute on our strategy of increasing our allocation to core industrial assets,” said Allan Swaringen, president and chief executive officer. “Given this property’s strong tenant profile and exceptional location, this acquisition aligns well with our overall strategic objectives.”
According to LaSalle Research & Strategy, Atlanta is the fourth largest industrial market in the U.S. with more than 660 million square feet of space. The market set an absorption record in the second quarter of 2021 of 8.6 million square feet, bringing vacancy down to 5 percent. The Northeast submarket specifically saw 2.1 million square feet of net absorption in the second quarter, the highest of any submarket in the Atlanta metro area, accounting for 24 percent of total absorption, the company said.
JLL Income Property Trust’s portfolio now includes more than $1.6 billion of industrial holdings in 54 properties across 13 markets, representing the second largest property type allocation in the portfolio.
Jones Lang LaSalle Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) oversees a $5.5 billion portfolio of residential, industrial, office and grocery-anchored retail properties. The REIT launched in October 2012 and has raised nearly $2.47 billion in investor equity as of October 2021.
