JLL Income Property Trust Acquires Louisville Logistics Center

JLL Income Property Trust, an institutionally-managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with approximately $7 billion in portfolio assets, announced today the acquisition of Louisville Logistics Center, a 1-million-square-foot, newly constructed Class A industrial property strategically located in the top-tier industrial submarket of South Louisville, Kentucky. The purchase price was approximately $82 million.

Louisville Logistics Center is leased through 2032 to a nationally recognized, global transportation and logistics company with more than $100 billion in annual revenues and with an S&P “A” credit rating. The lease contains 2% annual rent escalations, along with two 10-year renewal options.

Constructed in 2022, the Louisville Logistics Center is a state-of-the-art, cross dock distribution center featuring 40-foot clear heights. The tenant has invested significant capital into equipment and technology specifically customized for their operations in the property. Louisville is also home to major air and ground distribution hubs for UPS. UPS’s investment and success in the market has made Louisville one of the more desirable and proven logistics locations in the central United States.

“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.”

Louisville’s central location at the confluence of major highways allows distribution to over half the US population within a day’s drive via interstate highways I-24, I-64, I-65, I-71 and I-75, reinforcing JLL Income Property Trust’s research-led industrial strategy focused on acquiring properties with primary access to critical hubs of distribution and transportation infrastructure. The property is also within 20 miles of major distribution hubs including UPS Worldport (Air Distribution Hub), UPS Centennial Hub (Ground Distribution Hub), and the Louisville International Airport.

This investment brings JLL Income Property Trust’s aggregate industrial allocation to nearly $2.2 billion, or 32 percent of the portfolio, across 59 properties in 13 targeted warehouse markets.

( This news/press release has not been altered by, apart from the headline, and has been obtained from a syndicated source:- )