REAL ESTATE INVESTMENT
JLL Income Property Trust | January 14, 2022
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with $5.9 billion in portfolio assets, today announced the acquisition of Elgin Distribution Center, a Class A, two-building industrial property totaling 407,000 square feet and located in the northwest Chicago suburb of Elgin, Illinois. The purchase price was approximately $47 million.
The Elgin Distribution Center fits squarely within our industrial investment thesis as a well-located, newly constructed property with strong tenant profiles, The Elgin warehouse submarket stands out for its access to a robust labor pool and close proximity to Chicago, along with O'Hare International Airport, which we believe will drive long-term value for these properties. Industrial remains an overweight target for our portfolio given our belief that it will provide strong, long-term cashflow to our diverse portfolio. Our aggregate industrial allocation is now over $1.7 billion, or approximately 30 percent of our $5.9 billion portfolio, and includes 54 properties across 13 key markets."
Allan Swaringen, JLL Income Property Trust President and CEO.
Recently constructed in 2020, the properties are built to state-of-the-art design specifications. The larger building, which totals over 326,000 square feet, is cross-docked with 33-foot clear heights. The smaller building, which totals more than 80,000 square feet is rear docked and has 29-foot clear heights and includes a front-office. The properties are 100 percent leased with a weighted average lease term of approximately 10 years.
According to LaSalle Research & Strategy, the Chicago metro is the country's second largest industrial market, with 1.2 billion square feet of industrial space. Chicago's central location, proximity to irreplaceable transportation infrastructure and access to a large population make it a critical hub for national distributors. Over the four quarters ending in Q1 2021, Chicago's industrial market experienced 18.5 million square feet of net absorption and a steady decline in vacancy rates. Chicago also has the highest going-in yields of any gateway industrial market in the U.S. The Elgin Distribution center also benefits from access to a growing population and large labor pool, as well as excellent access to major transportation nodes including Interstate 90, Route 31, Randall Road and Route 47.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors 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.
About Jones Lang LaSalle Income Property Trust, Inc.
Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, 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.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages over $76 billion of assets in private and public real estate property and debt investments as of Q3 2021. 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.
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prnewswire | October 13, 2020
Jointly announced today, Offerpad, an industry leader aiming to provide the best way to buy and sell a home, and Aires, a global and domestic relocation solutions and mobility program management organization, enter into partnership to provide multiple real estate solutions to consumers relocating for business in more than 830 U.S. cities.The first-of-its-kind agreement incorporates Offerpad's suite of real estate solutions including instant cash offers within 24 hours and Offerpad's Superior Listing option to relocation packages where there is no home buyout offered. The solutions will be available to select Aires clients and transferees beginning in October 2020 and introduced to additional clients throughout the remainder of the year.
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REAL ESTATE TECHNOLOGY
businesswire | January 06, 2021
KKR, a main worldwide venture firm, today reported the obtaining of Three Piper Ranch, a mechanical dispersion property comprising of two structures adding up to around 330,000 square feet in San Diego, California. The property extends KKR's mechanical land impression in Southern California to roughly 2.4 million square feet.
The recently procured property was implicit 2007 and highlights 32' clear statures. It is situated in the Otay Mesa submarket of San Diego with phenomenal admittance to SR-125, SR-905, I-805 and I-5. The property was 100% rented at procurement to five separate occupants. KKR bought the property from Zurich Alternative Asset Management, LLC and CBRE Capital Markets assisted with facilitating the deal.
“We are excited to supplement our footprint in Southern California with the addition of this high quality asset,” said Ben Brudney, a Director in the Real Estate group at KKR. “We continue to like the long-term supply demand fundamentals in San Diego.”
KKR is making the speculation through its Real Estate Partners Americas II Fund. Across its assets, KKR possesses almost 32 million square feet of modern property in essential areas across significant metropolitan zones in the U.S.
Since dispatching a committed land stage in 2011, KKR has developed land resources under administration to roughly $14 billion across the U.S., Europe and Asia as of September 30, 2020. The worldwide land group comprises of more than 90 devoted speculation experts, spreading over both the value and credit organizations.
About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds.
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