JLL Income Property Trust Acquires Phoenix Industrial Distribution Center
December 6, 2019 | JLL Income Property Trust
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) today announced the acquisition of Chandler Distribution Center, a 211,000 square foot, Class A industrial asset located in the Southeast submarket of Phoenix, Arizona. The purchase price was $31 million.
The Phoenix metro area has experienced positive net absorption over the past ten years with demand consistently outpacing supply. Newly released Census Bureau data for city population growth highlights Phoenix as one of the fastest growing metros due to affordable housing, a highly educated workforce, and reasonable land prices and lease rates. This is the third year in a row that more people moved to Phoenix than any other city in the country. The area is often credited as the “Silicon Desert” as a result of major Silicon Valley tech companies expansion, further enabling continued strong warehouse demand.
“Our strategy remains to further grow and diversify the portfolio in terms of tenant mix, property type and geographic location,” said Allan Swaringen, President and CEO of JLL Income Property Trust. He continues, “We are pleased to add this high-quality industrial asset to our portfolio, as we increase exposure to core assets located in close proximity to irreplaceable transportation infrastructure. This investment brings our aggregate industrial allocation to almost $750 million and 6.7 million square feet representing 26 percent of the value of the overall JLL Income Property Trust portfolio.”
