JLL Income Property Trust, a daily net asset value real estate investment trust, has completed financing for Southeast Phoenix Distribution Center, a newly constructed, four-building, Class A distribution center totaling 474,000 square feet located in the Chandler submarket of Phoenix, Arizona. The REIT purchased the property in March 2021 for $91 million.
The financing was for $49 million at a fixed interest rate of 2.7 percent for a term of seven years.
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.
“Real estate debt continues to be available on favorable terms for institutional borrowers and stabilized assets…,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust. “Given the current low interest rate environment, along with the strong weighted average lease term of more than eight years for this property, now is an opportune time to lock in attractive long-term fixed rates.”
JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), which owns and manages a portfolio of multifamily, industrial, office and grocery-anchored retail properties located in the United States, has more than $3.6 billion in portfolio assets and 86 properties. The REIT has raised $2.1 billion in investor equity as of April 2021.