JLL Income Property Trust (ZIPTAX) Buys Two Fully-Leased Warehouses in San Francisco Bay Area
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JLL Income Property Trust, an institutionally-managed, daily valued perpetual life REIT (NASDAQ: ZIPTAX) (NASDAQ: ZIPTMX) (NASDAQ: ZIPIAX) (NASDAQ: ZIPIMX), today announced the acquisition of Pinole Point Distribution Center which includes two Class-A, state-of-the-art warehouses in the Bay Area suburb of Richmond, California. The two warehouses combine for 477,000 square feet, and are 100 percent leased to Amazon and Williams-Sonoma with a weighted average lease term of 7.2 years.
The San Francisco Bay Area is the second most densely populated major American city with a population exceeding 7 million and representing more than 20 percent of California's residents. This region is supported by a sophisticated trade infrastructure with three international airports and the nation's fifth busiest container port. LaSalle's Research and Strategy Team has identified the San Francisco Bay Area as a target warehouse market with significant supply constraints and strong rent growth potential. This market is a strong draw for tenants seeking to locate distribution and fulfillment centers near large urban populations enabling rapid delivery times.
The newly constructed Pinole Point Distribution Center offers two modern, well-designed warehouses with best-in-class features including generous loading and truck parking strategically located with convenient access to irreplaceable transportation infrastructure including major interstate highways, the Port of Oakland, Oakland International Airport and the entire San Francisco Bay Area.
"Acquiring high quality, state-of-the-art warehouses in select, primary transportation hubs continues to be a core component of our industrial investment strategy. These attributes are highly sought after, particularly in this market where modern buildings are in extremely short supply and warehouse vacancies are at 2 percent," said Allan Swaringen, President and CEO of JLL Income Property Trust. "This is our ninth industrial acquisition this year, and the 27th property investment we've made in the industrial sector representing an industrial sector investment of over $515 million."
JLL Income Property Trust is a 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 JLL Income Property Trust, please visit our website at www.jllipt.com.
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