Press Release

Jones Lang LaSalle Income Property Trust Acquires Three-Building Distribution Center in Seattle

February 11, 2014 — Chicago

Jones Lang LaSalle Income Property Trust, Inc., an institutionally-managed, non-listed, daily valued perpetual life REIT, today announced it acquired South Seattle Distribution Center, a three-building industrial portfolio totaling approximately 323,000 square feet, located in the downtown South Seattle submarket. South Seattle Distribution Center is 100 percent leased to three high-quality tenants, including the City of Seattle, and boasts a weighted average remaining lease term of nearly eight years. The total purchase price was approximately $38 million with an estimated capitalization rate based on purchase price of approximately 5.2 percent.

Due to a strong and diverse local economy, a growing population, and significant constraints on developable land, Seattle is one of the nation’s most desirable industrial markets. The South Seattle submarket’s proximity to the downtown area and Port of Seattle make it one of the highest barrier-to-entry markets and features one of the lowest industrial vacancy rates in the country. This property’s premier location along First Avenue and Spokane Street affords excellent accessibility to major interstate highways, railways and Seattle’s world class seaport.

“This acquisition enhances the geographic diversification and growth opportunities within our portfolio,” commented Allan Swaringen, President and CEO of Jones Lang LaSalle Income Property Trust. “The limited availability of land in this unique location and this investment’s long-term leases with annual rent escalations should provide stable income and the opportunity to increase stockholder value over the long-term.”


Jones Lang LaSalle Income Property Trust is a non-listed, daily valued perpetual life real estate investment trust (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 Jones Lang LaSalle Income Property Trust, please visit our website at www.jllipt.com. 


About JLL Income Property Trust

Jones Lang LaSalle 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, office and grocery-anchored retail 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.

About LaSalle Investment Management

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 $71 billion equity and debt investments under management (as of Q4 2020). 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.

Forward Looking Statements

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.