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.
REAL ESTATE TECHNOLOGY
prnewswire | December 23, 2020
Paul E. Griffin III, author and CEO of Griffin Living, an imaginative senior lodging engineer, has been accepted into Forbes Real Estate Council, a greeting just network for heads in the land business.
Griffin was considered and chosen by a survey board dependent on the profundity and variety of his experience. Models for acceptance incorporate a history of amazing development measurements, just as close to home and expert accomplishments and respects. Griffin has created an abundance of 4 billion dollars of significant worth with his land improvement organizations. He has been respected as Habitat for Humanity's Builder of the Year (Hammer of Hope) and the Building Industry Association's Builder of the Year and now serves on the board for the UCLA Ziman Center for Real Estate.
"We are honored to welcome Paul into the community," said Scott Gerber, founder of Forbes Councils, the collective that includes Forbes Real Estate Business Council. "Our mission with Forbes Councils is to bring together proven leaders from every industry, creating a curated, social capital-driven network that helps every member grow professionally and make an even greater impact on the business world."
Paul says, "I am honored to be a part of this community and to have the opportunity to connect with like-minded real estate executives. The Forbes Real Estate Council will help Griffin Living as we develop our innovative senior living communities and lead a movement toward giving seniors the dignified and luxurious lifestyle they deserve."
ABOUT GRIFFIN LIVING
Griffin Living is an award-winning, privately-owned real estate development firm headquartered in Calabasas, CA with experience in developing residential, commercial, retail, and master planning communities. They are currently focused on building a sizable portfolio of senior living communities rooted in the honor and dignity of aging. They prioritize features and amenities that cater to residents' independent, active, and vibrant lifestyles.
REAL ESTATE INVESTMENT
Storage Post | February 23, 2022
Storage Post Self Storage added a 92,470 square foot self-storage property to its brand and business structure. The multi-story facility is located in heart of Alphabet City in lower Manhattan's East Village.
Storage Post Self Storage now acts as third-party management of the storage facility at 444 East 10th Street. The self-storage building offers a broad range of storage units, from small 4' x 4' x 4' locker storage units to extra-large 20' x 22' full sized storage units, and features a large multi-bay interior loading area. Storage Post and its experienced management team will incorporate the asset into Storage Post's robust and transformative operating platform and advanced sales and marketing strategies, and will leverage Storage Post's strong brand presence within the New York City MSA.
This is an exciting time for Storage Post as we bring new locations into our brand. As a team, both in the field and at the corporate office, we are working toward optimal property performance and expanding our consumer markets, We feel we can deliver tremendous value to the ownership group with our multi-faceted operating system."
Dylan Delaune, Storage Post Chief Operating Officer.
The self-storage industry is in a great place right now with increasing occupancy and strong demand, not to mention great investing opportunities. Many storage companies are expanding and buying properties. We expect to add many more locations in 2022 to bring the Storage Post name to more regions and increase our market share."
Storage Post's director of acquisitions, Jack Giannola.
Storage Post-East Village is one of many properties Storage Post will add in 2022 as the company moves forward with its aggressive acquisitions and growth strategies. Storage Post is actively pursuing self-storage real estate in dense submarkets and either single or portfolio transactions. The company also selectively considers self-storage management opportunities for owners seeking increased operational value and investment returns.