JLL Income Property Trust Buys Suburban Chicago Distribution Center
JLL Income Property Trust, a daily net asset value real estate investment trust, has purchased the Elgin Distribution Center near Chicago.
JLL Income Property Trust, a daily net asset value real estate investment trust, has purchased the Elgin Distribution Center, a Class A, two-building industrial property totaling 407,000 square feet and located in the northwest Chicago suburb of Elgin, Illinois. The purchase price was approximately $47 million.
“The Elgin Distribution Center fits squarely within our industrial investment thesis as a well-located, newly constructed property with strong tenant profiles,” said Allan Swaringen, president and chief executive officer. “The Elgin warehouse submarket stands out for its access to a robust labor pool and close proximity to Chicago, along with O’Hare International Airport, which we believe will drive long-term value for these properties.”
Swaringen explained that industrial remains an overweight target for the REIT’s portfolio. The aggregate industrial allocation is now more than $1.7 billion, or approximately 30 percent of the $5.9 billion portfolio, and includes 54 properties across 13 markets.
Constructed in 2020, the larger building, which totals approximately 326,000 square feet, is cross-docked with 36-foot clear heights. The smaller building, which totals more than 80,000 square feet is rear docked and has 32-foot clear heights and includes a front-office. The properties are 100 percent leased with a weighted average lease term of approximately 10 years.
In related news, JLL Income Property Trust recently purchased the South Louisville Distribution Center, a 327,000-square-foot Class A industrial property, for $39.5 million.
Jones Lang LaSalle Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) oversees a $5.9 billion portfolio of residential, industrial, office and grocery-anchored retail properties. The REIT launched in October 2012 and has raised $2.5 billion in investor equity as of October 2021.
