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JLL IPT Bags San Diego Industrial Portfolio for $159M
JLL Income Property Trust (JLL IPT) has acquired South San Diego Distribution Center, a three-building, 665,000-square-foot industrial portfolio in San Diego. The three properties are 96% leased to eight tenants, and the purchase price was $158.5 million.
“Industrial properties continue to be a target overweight for our portfolio given sustained tenant demand and strong, long-term outlook for the sector that we believe will yield stable income for our stockholders,” said JLL IPT president and CEO Allan Swaringen. “South San Diego Distribution Center aligns well with our strategy, given its location near irreplaceable transportation infrastructure and San Diego’s strong industrial rent growth.”
This investment was acquired through the assumption of an in-place, $72.5 million first mortgage along with the issuance of $75 million in operating partnership units to the sellers, affiliates of locally based Murphy Development Company. The balance of the purchase was funded with cash.
- ◦Sale/Acquisition
