JLL Income Property Trust recently acquired the Southeast Phoenix Distribution Center, a newly constructed four-building class-A distribution center totaling 474,000 square feet, located in the key warehouse market of Chandler. The purchase price was $91 million.

This investment is JLL Income Property Trust’s second industrial acquisition in the Phoenix market. The Southeast Phoenix Distribution Center fits well with JLL Income Property Trust’s thesis of investing in institutional-quality industrial assets located near irreplaceable transportation hubs.

“The broader industrial sector has proven to be resilient amid the pandemic and is on course to maintain its position as a winning property type for the foreseeable future,” said Allan Swaringen, president and CEO of JLL Income Property Trust. “At 96 percent leased and with an average weighted lease term of more than eight years, we believe Southeast Phoenix Distribution Center, which is located in the 14th largest industrial market in the U.S., fits well within our objectives. We remain bullish on the industrial sector as the demand drivers have been stronger than any other major property type and rent growth has exceeded expectations in many markets including Phoenix, despite an active supply pipeline.”