JLL Income Property Trust Acquires Richmond Distribution Center
JLL Income Property Trust Acquires Richmond Distribution Center |
| [17-March-2025] |
CHICAGO, March 17, 2025 /PRNewswire/ -- JLL Income Property Trust, an institutionally-managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with approximately $6.6 billion in portfolio equity and debt investments, announced today the acquisition of Richmond Distribution Center, a Class A industrial building located in Richmond, VA for a purchase price of approximately $40.7 million.
Richmond Distribution Center totals approximately 280,000 square feet and is 100% occupied by two high quality international tenants. The leases have an 8.4 year weighted average lease term with annual rent escalations exceeding 3%. Constructed in 2022, Richmond Distribution Center is a state-of-the-art, institutional quality property, built with modern specifications and features such as a 200' truck court area, clear heights of 32', ample truck storage spaces, and refrigerated cold storage. Located just two miles away from Richmond International Airport and eight miles from the I-95 corridor, the property is centrally located on the Eastern Seaboard and less than two hours from the Port of Virginia, the 3rd largest port on the East Coast. The Richmond market has experienced growing tenant demand, low vacancies, and a 94% increase in asking rents since 2015, making it a desirable market for long term ownership. "Richmond's strong industrial market fundamentals and access to transit and logistics infrastructure make it a strategic and desirable region for us to invest," said Allan Swaringen, President and CEO of JLL Income Property Trust. "The property's strong income profile, high occupancy, modern construction, and strategic location in this central East Coast market make it an ideal fit for our carefully curated industrial portfolio. After generating significant dry powder through dispositions in the fourth quarter of 2024 and investment of $100 million by our sponsor JLL, we are well positioned to take advantage of an attractive pipeline of new investments. As market pricing adjusts from the recent Fed interest rate cuts and we enter what looks to be a new market cycle for real estate, we are optimistic about core real estate's long-term performance." Richmond Distribution Center's strategic location in the Southeast Richmond submarket and its immediate access to Interstate 895 – which provides connectivity to the major thoroughfares of the I-95 and I-295 – make it a strong fit for the portfolio, reinforcing JLL Income Property Trust's research-led industrial strategy focused on acquiring properties with access to critical hubs of distribution and transportation infrastructure. Industrial real estate is one of JLL Income Property Trust's highest conviction property sectors. As of December 31, 2024, industrial investments comprised 32% of the total $6.6 billion portfolio, with $2.0 billion in industrial assets across 57 properties. JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world's leading real estate services firms. For more information on JLL Income Property Trust, please visit our website at www.jllipt.com. JLL Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, healthcare, office and debt investments throughout the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. For more information, visit www.jllipt.com. About LaSalle Investment Management | Investing Today. For Tomorrow. Forward Looking Statements and Future Results Contacts: Alissa Schachter Doug Allen
SOURCE JLL Income Property Trust | ||
Company Codes: NASDAQ-NMS:ZIPIAX, NASDAQ-NMS:ZIPIMX, NASDAQ-NMS:ZIPTAX, NASDAQ-NMS:ZIPTMX |
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