{"id":1004659212,"date":"2023-04-26T01:02:00","date_gmt":"2023-04-26T09:02:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004659212"},"modified":"2023-04-26T03:05:07","modified_gmt":"2023-04-26T11:05:07","slug":"jll-income-property-trust-pays-82m-for-louisville-logistics-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jll-income-property-trust-pays-82m-for-louisville-logistics-center\/","title":{"rendered":"JLL Income Property Trust Pays $82M for Louisville Logistics Center"},"content":{"rendered":"

JLL Income Property Trust<\/strong> expanded its industrial holdings with the acquisition of Louisville Logistics Center, a 1 million-square-foot, newly constructed Class A industrial property in the South Louisville, Ky., industrial submarket for approximately $82 million.<\/p>\n

Core5 Industrial Partners<\/strong> was the property\u2019s seller, according to CommercialEdge data.<\/p>\n

\"Louisville<\/a>

Louisville Logistics Center. Image courtesy of JLL Income Property Trust<\/em><\/p><\/div>\n

Located at 5071 Preston Highway in Shepherdsville, Ky., the cross dock distribution facility with 40-foot clear heights was completed in 2022. The asset is leased through 2032 to a nationally recognized, global transportation and logistics company with more than $100 billion in annual revenues and an S&P \u201cA\u201d credit rating. The lease contains 2 percent annual rent escalations, along with two 10-year renewal options. The tenant has invested significant capital into equipment and technology customized for their operations.<\/p>\n

Central location<\/h2>\n

Louisville is located at the confluence of several major highways allowing distribution to more than half the country\u2019s population within a day\u2019s drive. The market has access to I-24, I-64, I-65, I-71 and I-75. The property is also within 20 miles of major distribution hubs including UPS<\/strong> air and ground hubs and Louisville International Airport.<\/p>\n

\n

READ ALSO<\/strong>: Manufacturing\u2019s Comeback Boosts Industrial Demand<\/a><\/p>\n

\n

Allan Swaringen, president & CEO of JLL Income Property Trust, said in a prepared statement the central geographic location, irreplaceable transportation infrastructure and strong interstate highway access make Louisville a desirable and strategic location for both regional and national logistics. He noted the asset\u2019s new construction, significant improvements by the tenant and 10-year lease to an investment-grade Fortune 100 company made the property an attractive addition to the REIT\u2019s warehouse portfolio.<\/p>\n

Swaringen added the pricing on the asset was nearly 150 basis points improved over marketing pricing 18 months ago. He said market conditions like that should present some exceptional opportunities for investors like JLL IPT that have access to capital.<\/p>\n

Growing portfolio<\/h2>\n

JLL IPT, which owns and manages a portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, health-care and office properties throughout the U.S., uses a research-led strategy for its industrial deals focusing on assets with primary access to critical distribution hubs and transportation infrastructure. This latest acquisition brings JLL IPT\u2019s aggregate industrial allocation to nearly $2.2 billion, or 32 percent of its portfolio, across 59 properties in 13 targeted warehouse markets.<\/p>\n

In February 2021, JLL IPT paid $95 million for another 1 million-square-foot, Class A industrial asset in the South Louisville submarket. The property at 170 Clermont Road<\/a> has a long-term lease with McKesson Corp.<\/strong> and was sold by Core5 Industrial Partners<\/strong>, according to Bullitt County records.<\/p>\n

JLL IPT acquired Northeast Atlanta Distribution Center<\/a>, a Class A, 485,000-square-foot industrial property in Jefferson, Ga., for approximately $54 million in April 2022. The asset in the Northeast Atlanta submarket is leased to a sole tenant.<\/p>\n","protected":false},"excerpt":{"rendered":"

Completed in 2022, the property has a long-term investment-grade tenant.<\/p>\n","protected":false},"author":1068,"featured_media":1004659247,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21748,21742],"tags":[33787,45095,34122],"class_list":["post-1004659212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-industrial","category-latest","tag-core5-industrial","tag-jll-income-property-trust","tag-ups"],"acf":[],"yoast_head":"\nJLL Income Property Trust Pays $82M for Louisville Logistics Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"JLL Income Property Trust acquired Louisville Logistics Center, a new Class A industrial property in South Louisville, Ky., for $82 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jll-income-property-trust-pays-82m-for-louisville-logistics-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JLL Income Property Trust Pays $82M for Louisville Logistics Center\" \/>\n<meta property=\"og:description\" content=\"JLL Income Property Trust acquired Louisville Logistics Center, a new Class A industrial property in South Louisville, Ky., for $82 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jll-income-property-trust-pays-82m-for-louisville-logistics-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-26T09:02:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-26T11:05:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Louisville-Logistics-Center-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"801\" \/>\n\t<meta property=\"og:image:height\" content=\"610\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jll-income-property-trust-pays-82m-for-louisville-logistics-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/jll-income-property-trust-pays-82m-for-louisville-logistics-center\/\",\"name\":\"JLL Income Property Trust Pays $82M for Louisville Logistics Center - 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