Chicago-based JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) has announced its $82 million acquisition of Louisville Logistics Center, a 1-million-square-foot, newly constructed Class A industrial property in South Louisville, Kentucky.
Constructed in 2022, Louisville Logistics Center is leased through 2032 to UPS. The lease contains 2% annual rent escalations, along with two 10-year renewal options. This acquisition expands JLL Income Property Trust’s aggregate industrial allocation to nearly $2.2 billion, or 32% of the portfolio, across 59 properties in 13 targeted warehouse markets.
“Louisville’s central geographic location, irreplaceable transportation infrastructure, and strong interstate highway access make it a desirable and strategic location for both regional and national logistics,” said Allan Swaringen, president and CEO of JLL Income Property Trust. “The property’s new construction, significant improvements by the tenant, and a 10-year lease to an investment-grade Fortune 100 company, make this an attractive addition to our carefully constructed warehouse portfolio. Further, pricing on this quality of property is nearly 150 basis points improved over market pricing eighteen months ago. For investors like us with access to capital, these market conditions should present some exceptional investing opportunities.”
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