JLL Income Property Trust Acquires Southeast Phoenix Distribution Center
March 2, 2021
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $3.5 billion in portfolio assets and 85 properties, today announced the acquisition of 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, one of the top warehouse markets within the greater Phoenix metroplex. The purchase price was $91 million.
“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 CEO of JLL Income Property Trust. “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. We remain 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.”
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 of 2019. JLL Income Property Trust’s aggregate industrial allocation is nearly $980 million, or approximately 30 percent of its 85-property, $3.5 billion diversified core real estate portfolio which includes 38 industrial properties in 12 key markets throughout the country.
