JLL IPT Sells Bay Area Industrial Park for More Than 50% Gain

JLL Income Property Trust has sold Pinole Point, a three-property industrial park in Richmond. Although the REIT did not disclose the buyer or the sale price, president and CEO Allan Swaringen said the sale “crystalized a more than 50% gain over our initial investment in this portfolio,” which JLL IPT acquired in two separate transactions totaling $84.2 million.

Pinole Point Distribution Center, acquired newly built by JLL IPT in 2016, is comprised of three warehouses totaling 518,000 square feet. It provides tenants access to critical transportation infrastructure including major Interstate highways, the Port of Oakland, Oakland International Airport and the densely populated Bay Area, according to JLL IPT.

“Investor demand for industrial properties in markets like the Bay Area remains strong,” said Swaringen. “Pinole Point proved to be an outstanding investment for us over our eight-year hold period, providing inflation-hedging income through rent growth and an above-target total return.”

NOVEMBER 6, 2024: Next Wednesday, the most active retail investors, owners, developers, forecasters, managers, brokers, lenders, and others will be at the Luxe Sunset Blvd Hotel for this year’s Connect Retail West conference. Don’t miss the leading retail CRE event happening next week on Wednesday, Nov. 6 – Be sure to register in advance, registration pricing increases on event day.