JLL Income Property Trust Buys Two Properties for $186.3 Million
JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), a non-listed, daily valued perpetual life real estate investment trust, purchased two properties totaling $186.3 million at the end of June.
On June 28th, the company acquired Pioneer Tower in downtown Portland, Oregon for approximately $121.8 million. The 17-story, 296,000-square-foot office building is 95 percent leased to approximately 20 tenants and was purchased with cash on hand.
On June 30th, the company purchased the Valencia Industrial Portfolio for approximately $64.5 million. The 492,000-square-foot portfolio is comprised of five industrial buildings located in Valencia, California. The portfolio is 95 percent leased and was funded with cash on hand and a $25 million draw on the company’s line of credit.
Jones Lang LaSalle Income Property Trust owns and manages a portfolio of office, retail, industrial and apartment properties located primarily in the United States. Since 2012, the company has raised a total of approximately $1.1 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan.
