December 7, 2021 — Chicago
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with $5.5 billion in portfolio assets, today announced the acquisition of Friendship Distribution Center, a newly constructed, four-building industrial portfolio totaling nearly 650,000 square feet. The Class A properties are located in the Atlanta suburb of Buford, Georgia, home to the premier Northeast Atlanta industrial submarket. The purchase price was $95 million.
“Friendship Distribution Center’s location in Atlanta’s Northeast submarket, high-quality new construction, and proximity to irreplaceable transportation infrastructure make this an excellent portfolio fit for us as we continue to execute our strategy of increasing our allocation to core industrial assets,” said Allan Swaringen, JLL Income Property Trust President, and CEO. “Given this property’s strong tenant profile and exceptional location, this acquisition aligns well with our overall strategic objectives.”
JLL Income Property Trust’s aggregate industrial allocation is now over $1.6 billion of industrial holdings in 54 properties across 13 key markets, representing the second largest property type allocation in the portfolio.
Friendship Distribution Center is in an “A” location, with immediate proximity to Interstate 985, the major highway in the Northeast Atlanta submarket. Its strategic location provides access to the entire Eastern seaboard within a one to two-day drive.
Friendship Distribution Center is 96 percent leased to five tenants, with a weighted average lease term of approximately six years. According to LaSalle Research & Strategy, Atlanta is the fourth largest industrial market in the U.S., with more than 660 million square feet of space. The market set an absorption record in the second quarter of 2021 of 8.6 million square feet, bringing vacancy down to just 5 percent. The Northeast submarket specifically saw 2.1 million square feet of net absorption in the second quarter, the highest of any submarket in the Atlanta metro area, accounting for 24 percent of total absorption.
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 apartment, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis.
LaSalle Investment Management, Inc. a member of the JLL group and advisor to JLL Income Property Trust, is one of the world’s leading real estate investment managers with approximately $79 billion equity and debt investments under management (as of Q4 2022). LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open and closed-end funds, public securities and entity-level investments. LaSalle is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Inc. (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
This press release may contain forward-looking statements with respect to JLL Income Property Trust. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management’s intentions, beliefs, expectations, research, market analysis, plans or predictions of the future. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Past performance is not indicative of future results and there can be no assurance that future dividends will be paid.
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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