December 29, 2016
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), today announced the acquisition of a third fully leased Class-A, state-of-the-art warehouse at Pinole Point Distribution Center. This 41,000 square foot warehouse brings the combined distribution center square footage to 518,000, all of which are 100 percent leased with a weighted average lease term of approximately 7 years.
The San Francisco Bay Area is the second most densely populated major American city with a population exceeding 7 million and representing more than 20 percent of California’s residents. This region is supported by a sophisticated trade infrastructure with three international airports and the nation’s fifth busiest container port. LaSalle’s Research and Strategy Team has identified the San Francisco Bay Area as a target warehouse market with significant supply constraints and strong rent growth potential. This market continues to be a strong draw for tenants seeking to locate distribution and fulfillment centers near large urban populations enabling rapid delivery times.
The newly constructed Pinole Point Distribution Center offers three modern, well-designed warehouses with best-in-class features including generous loading and truck parking strategically located with convenient access to irreplaceable transportation infrastructure including major interstate highways, the Port of Oakland, Oakland International Airport and the entire San Francisco Bay Area.
“We are pleased to complete the acquisition of this three property portfolio. High quality, state-of-the-art warehouses in select, primary transportation hubs are highly sought after, particularly in this market where modern buildings are in extremely short supply and overall warehouse vacancy rates are at 2 percent,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “This is our 10th industrial acquisition this year, and the 28th property investment we’ve made in the industrial sector representing an industrial sector investment of over $525 million.”
JLL Income Property Trust is an institutionally managed, daily NAV REIT that gives investors access to 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.
You should read the prospectus carefully for a description of the risks associated with an investment in JLL Income Property Trust. Some of these risks include but are not limited to the following:
This literature contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will,” and other similar terms, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks, uncertainties, and contingencies include, but are not limited to, the following: our ability to effectively raise capital in our offering; uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our investment strategy; and other risk factors as outlined in our prospectus and periodic reports filed with the Securities and Exchange Commission. Although JLLIPT believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. JLLIPT undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in our expectations.
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