PHOENIX, AZ – JLL Income Property Trust has acquired a 474,000-square-foot newly-constructed, class A distribution center in Phoenix, AZ for $91 million.
The four-building asset, Southeast Phoenix Distribution Center, is located in Phoenix's Chandler submarket, at the confluence of Interstate 10 and Loop 202 freeways.
"The broader industrial sector has proven to be resilient amid the pandemic and is on course to maintain its position as a winning property type for the foreseeable future," states Allan Swaringen, president and CEO of JLL Income Property Trust. "At 96% leased and with an average weighted lease term of more than eight years, we believe Southeast Phoenix Distribution Center, which is located in the 14th largest industrial market in the U.S., fits well within our objectives."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
