JLL Income Property Trust Buys Southeast Phoenix Distribution Center
JLL Income Property Trust, a non-traded daily net asset value real estate investment trust, has purchased the Southeast Phoenix Distribution Center.
JLL Income Property Trust, a non-traded daily net asset value real estate investment trust, has purchased the Southeast Phoenix Distribution Center for $91 million.
The property is a newly constructed, four-building, Class A distribution center totaling 474,000 square feet located in the Chandler submarket of Phoenix, Arizona.
“The broader industrial sector has proven to be resilient amid the pandemic and is on course to maintain its position as a winning property type for the foreseeable future,” said Allan Swaringen, president and chief executive officer. “At 96 percent leased and with an average weighted lease term of more than eight years, we believe Southeast Phoenix Distribution Center, which is located in the 14th largest industrial market in the U.S., fits well within our objectives.”
Swaringen added that the company remains “bullish on the industrial sector as the demand drivers have been stronger than any other major property type, and rent growth has exceeded expectations in many markets, including Phoenix, despite an active supply pipeline.”
Constructed in 2019, the property can accommodate tenants, ranging from 20,000 square feet up to 135,000 square feet, and includes 32-foot clear heights, ESFR sprinkler systems, grade and dock-high doors, and full concrete truck courts with fencing. The property is 15 minutes from Sky Harbor International Airport and 20 minutes from downtown Phoenix.
This investment is JLL Income Property Trust’s second industrial acquisition in the Phoenix market, having acquired the Chandler Distribution Center for $31 million in December 2019.
JLL Income Property Trust’s total industrial allocation is nearly $980 million, or approximately 30 percent of its 85-property, $3.5 billion portfolio which includes 38 industrial properties in 12 markets throughout the country.
JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) has raised approximately $2 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan.
