JLL Income Property Trust Lands $49M Loan for Kentucky Asset

JLL Income Property Trust has secured a $49 million mortgage loan tied to its Louisville Logistics Center in Shepherdsville, Ky. The distribution center spans 1,042,534 square feet and was brought online in 2022, according to Yardi Matrix.

The loan carries an interest rate of 5.28 percent over a five-year term. According to the company, the financing supports its strategy of increasing accretive leverage to enhance future returns.

JLL IPT acquired the asset from Core5 Industrial Partners for $82 million in 2023, Commercial Property Executive previously reported. Louisville Logistics Center includes four grade-level doors and 110 dock-high doors with 40-foot clear heights, according to Yardi Matrix.

---

READ ALSO: Industrial Report: Power Constraints Slow Warehouse Automation

---

The property is fully leased to a global transportation and logistics company through 2032. JLL IPT also owns a 1 million-square-foot distribution facility at 170 Clermont Road in the South Louisville market, which it acquired in 2021 for $95 million, according to Yardi Matrix. That facility is occupied by McKesson, the same source shows.

Located at 5071 Preston Highway, the Class A warehouse is 26 miles south of Louisville, Ky., with access to Interstate 65. Fort Knox is approximately 30 miles away, while Louisville Muhammad Ali International Airport is 20 miles away from the property.

Industrial drives JLL IPT’s portfolio

The Louisville, Ky., market is just a small portion of the company’s growing industrial portfolio. As of the end of March, the company had $2.4 billion in industrial assets across 64 properties, representing 38 percent of its $6.8 billion portfolio.

In April, JLL IPT added Whitestown Distribution Center III to its portfolio. The company acquired the warehouse for $60 million. The property is in Whitestown, Ind., outside Indianapolis. Prologis and Browning sold the property.

Last year, JLL IPT acquired West Raleigh Distribution Center, a five-building industrial park in Apex, N.C., from Beacon Partners for $190 million. That purchase added 985,000 square feet of industrial space to the company. At the time of the sale, the park was 87 percent occupied.