JLL Income Property Trust Ponies up $40M to Acquire Louisville Distribution Facility

JLL Income Property Trust has acquired the South Louisville Distribution Center, a 327,000-square-foot, newly constructed Class A industrial property located in the Bullitt County industrial submarket of Louisville, KY. The purchase price was $39.5 million.

The property is fully leased for seven years with annual rent increases of 2.75%.

“South Louisville Distribution Center is an excellent fit within our geographically diversified industrial portfolio given its location near irreplaceable transportation infrastructure, state-of-the-art construction and the positive dynamics of Louisville’s industrial market,” said Allan Swaringen, JLL Income Property Trust president and CEO. “The Bullitt County submarket has also been a recent benefactor of supply constraints in the closer-in airport industrial submarket, with limited big-box vacancy, which should continue to create strong demand for industrial space there. We have high conviction in the overall warehouse property sector and its ability to create stable, long-term cashflow, which is why we continue to view it as an overweight allocation for our portfolio.”