Phoenix industrial space<\/a>. Completed in 2019, the property boasts state-of-the-art features that can accommodate a diverse array of tenants. Spaces range between 20,000 and 135,000 square feet, and the four state-of-the-art warehouse facilities come with 32-foot clear heights; ESFR sprinkler systems; grade- and dock-high doors; as well as full concrete truck courts with fencing.<\/p>\nThe property is located at the intersection of the Interstate 10 and Loop 202 freeways that traverse the Southeast Valley. As such, it ensures excellent access throughout the region. Moreover, the distribution center\u2019s proximity to Sky Harbor International Airport (a 15-minute drive) and downtown Phoenix (a 20-minute drive) offer superior access to extensive labor pools throughout the Phoenix metro area and beyond.<\/p>\n
According to LaSalle Research & Strategy\u2019s Core Target Market Ranking, a strong returns outlook and demand that has consistently outpaced supply in the last 10 years make Phoenix a recommended industrial overweight market.<\/p>\n
\u201cThe 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,\u201d said Allan Swaringen, president and CEO of JLL Income Property Trust. \u201cAt 96% leased and with an average weighted lease term of more than eight years, we believe Southeast Phoenix Distribution Center \u2013 which is located in the 14th-largest industrial market in the U.S. \u2013 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.\u201d<\/p>\n
This acquisition marks JLL Income Property Trust\u2019s second Phoenix investment. The REIT entered the market in December 2019, when it acquired the Chandler Distribution Center for $31 million. According to statements released by the trust, JLL Income Property Trust\u2019s aggregate industrial allocation is almost $980 million, which accounts for roughly 30% of its 85-property, $3.5-billion diversified core real estate portfolio. Assets include 38 industrial properties in 12 key markets throughout the country.<\/p>\n
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