{"id":826430,"date":"2025-03-17T12:03:11","date_gmt":"2025-03-17T16:03:11","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-richmond-distribution-center\/"},"modified":"2025-03-17T12:03:11","modified_gmt":"2025-03-17T16:03:11","slug":"jll-income-property-trust-acquires-richmond-distribution-center","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-richmond-distribution-center\/","title":{"rendered":"JLL Income Property Trust Acquires Richmond Distribution Center"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"legendSpanClass\"><br \/>\n          <span class=\"xn-location\">CHICAGO<\/span><br \/>\n        <\/span>, <span class=\"legendSpanClass\">March \u00ad\u00ad17, 2025<\/span> \/PRNewswire\/ &#8212; JLL Income Property Trust, an institutionally-managed daily NAV REIT (NASDAQ: <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4381031-1&amp;h=2555994776&amp;u=http%3A%2F%2Fwww.nasdaq.com%2Fsymbol%2Fziptax&amp;a=ZIPTAX\" target=\"_blank\" rel=\"nofollow\">ZIPTAX<\/a>; <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4381031-1&amp;h=2938547123&amp;u=http%3A%2F%2Fwww.nasdaq.com%2Fsymbol%2Fziptmx&amp;a=ZIPTMX\" target=\"_blank\" rel=\"nofollow\">ZIPTMX<\/a>; <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4381031-1&amp;h=4231825821&amp;u=http%3A%2F%2Fwww.nasdaq.com%2Fsymbol%2Fzipiax&amp;a=ZIPIAX\" target=\"_blank\" rel=\"nofollow\">ZIPIAX<\/a>; <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4381031-1&amp;h=3410182326&amp;u=http%3A%2F%2Fwww.nasdaq.com%2Fsymbol%2Fzipimx&amp;a=ZIPIMX\" target=\"_blank\" rel=\"nofollow\">ZIPIMX<\/a>) with approximately <span class=\"xn-money\">$6.6 billion<\/span> in portfolio equity and debt investments, announced today the acquisition of Richmond Distribution Center, a Class A industrial building located in <span class=\"xn-location\">Richmond, VA<\/span> for a purchase price of approximately <span class=\"xn-money\">$40.7 million<\/span>.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/491287\/JLL_Income_Property_Trust_Logo_V1.html\" target=\"_blank\" rel=\"nofollow\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/491287\/JLL_Income_Property_Trust_Logo_V1.jpg\" title=\"JLL Income Property Trust (PRNewsfoto\/JLL Income Property Trust)\" alt=\"JLL Income Property Trust (PRNewsfoto\/JLL Income Property Trust)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>Richmond Distribution Center totals approximately 280,000 square feet and is 100% occupied by two high quality international tenants. The leases have an 8.4 year weighted average lease term with annual rent escalations exceeding 3%.\u00a0Constructed in 2022, Richmond Distribution Center is a state-of-the-art, institutional quality property, built with modern specifications and features such as a 200&#8242; truck court area, clear heights of 32&#8242;, ample truck storage spaces, \u00ad\u00ad\u00ad\u00adand refrigerated cold storage. Located just two miles away from <span class=\"xn-location\">Richmond<\/span> International Airport and eight miles from the I-95 corridor, the property is centrally located on the Eastern Seaboard and less than two hours from the Port of <span class=\"xn-location\">Virginia<\/span>, the 3<sup>rd<\/sup> largest port on the East Coast. The <span class=\"xn-location\">Richmond<\/span> market has experienced growing tenant demand, low vacancies, and a 94% increase in asking rents since 2015, making it a desirable market for long term ownership.<\/p>\n<p>&#8220;<span class=\"xn-location\">Richmond&#8217;s<\/span> strong industrial market fundamentals and \u00ad\u00ad\u00adaccess to transit and logistics infrastructure make it a strategic and desirable region for us to invest,&#8221; said <span class=\"xn-person\">Allan Swaringen<\/span>, President and CEO of JLL Income Property Trust. &#8220;The property&#8217;s strong income profile, high occupancy, modern construction, and strategic location in this central East Coast market make it an ideal fit for our carefully curated industrial portfolio. After generating significant dry powder through dispositions in the fourth quarter of 2024 and investment of <span class=\"xn-money\">$100 million<\/span> by our sponsor JLL, we are well positioned to take advantage of an attractive pipeline of new investments. As market pricing adjusts from the recent Fed interest rate cuts and we enter what looks to be a new market cycle for real estate, we are optimistic about core real estate&#8217;s long-term performance.&#8221;<\/p>\n<p>Richmond Distribution Center&#8217;s strategic location in the <span class=\"xn-location\">Southeast Richmond<\/span> submarket and its immediate access to \u00ad\u00ad\u00ad\u00adInterstate 895 \u2013 which provides connectivity to the major thoroughfares of the I-95 and I-295 \u2013 make it a strong fit for the portfolio, reinforcing JLL Income Property Trust&#8217;s research-led industrial strategy focused on acquiring properties with access to critical hubs of distribution and transportation infrastructure.<\/p>\n<p>Industrial real estate is one of JLL Income Property Trust&#8217;s highest conviction property sectors. As of <span class=\"xn-chron\">December 31, 2024<\/span>, industrial investments comprised 32% of the total <span class=\"xn-money\">$6.6 billion<\/span> portfolio, with <span class=\"xn-money\">$2.0 billion<\/span> in industrial assets across 57 properties.<\/p>\n<p>JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing\u00a0portfolio of commercial real estate investments selected by an institutional investment management team and\u00a0sponsored by one of the world&#8217;s leading real estate services firms.<\/p>\n<p>For more information on\u00a0JLL Income Property Trust, please visit our website at <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4381031-1&amp;h=895914686&amp;u=http%3A%2F%2Fwww.jllipt.com%2F&amp;a=www.jllipt.com\" target=\"_blank\" rel=\"nofollow\">www.jllipt.com<\/a>.<\/p>\n<p>\n        <b>JLL Income Property Trust, Inc.<\/b> (NASDAQ: <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4381031-1&amp;h=2555994776&amp;u=http%3A%2F%2Fwww.nasdaq.com%2Fsymbol%2Fziptax&amp;a=ZIPTAX\" target=\"_blank\" rel=\"nofollow\">ZIPTAX<\/a>; <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4381031-1&amp;h=2938547123&amp;u=http%3A%2F%2Fwww.nasdaq.com%2Fsymbol%2Fziptmx&amp;a=ZIPTMX\" target=\"_blank\" rel=\"nofollow\">ZIPTMX<\/a>; <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4381031-1&amp;h=4231825821&amp;u=http%3A%2F%2Fwww.nasdaq.com%2Fsymbol%2Fzipiax&amp;a=ZIPIAX\" target=\"_blank\" rel=\"nofollow\">ZIPIAX<\/a>; <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4381031-1&amp;h=3410182326&amp;u=http%3A%2F%2Fwww.nasdaq.com%2Fsymbol%2Fzipimx&amp;a=ZIPIMX\" target=\"_blank\" rel=\"nofollow\">ZIPIMX<\/a>) is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, healthcare, office and debt investments throughout <span class=\"xn-location\">the United States<\/span>. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. For more information, visit <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4381031-1&amp;h=895914686&amp;u=http%3A%2F%2Fwww.jllipt.com%2F&amp;a=www.jllipt.com\" target=\"_blank\" rel=\"nofollow\">www.jllipt.com<\/a>.<\/p>\n<p>\n        <b>About LaSalle Investment Management | Investing Today. For Tomorrow.<br \/><\/b>LaSalle Investment Management is one of the world&#8217;s leading real estate investment managers. On a global basis, <span class=\"xn-location\">LaSalle<\/span> manages <span class=\"xn-money\">$88.2 billion<\/span> of assets in private and public real estate equity and debt investments as of Q3 2024. <span class=\"xn-location\">LaSalle&#8217;s<\/span> diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. <span class=\"xn-location\">LaSalle<\/span> sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.<\/p>\n<p>\n        <b><br \/>\n          <i>Forward Looking Statements and Future Results<br \/><\/i><br \/>\n        <\/b><br \/>\n        <i>This press release may contain forward-looking statements with respect to JLL Income Property Trust. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management&#8217;s intentions, beliefs, expectations, research, market analysis, plans or predictions of the future. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Past performance is not indicative of future results and there can be no assurance that future dividends will be paid.<\/i>\n      <\/p>\n<p>\n        <b>Contacts:<\/b>\n      <\/p>\n<p>\n        <span class=\"xn-person\">Alissa Schachter<\/span><br \/>\n        <br \/>LaSalle Investment Management<br \/>Telephone: +1 312 339 0625<br \/>Email: <a href=\"mailto:Alissa.schachter@lasalle.com\" target=\"_blank\" rel=\"nofollow\">Alissa.schachter@lasalle.com<\/a><\/p>\n<p>\n        <span class=\"xn-person\">Doug Allen<\/span><br \/>\n        <br \/>Dukas Linden Public Relations<br \/>Telephone: +1 646 722 6530<br \/>Email:\u00a0 <a href=\"mailto:JLLIPT@DLPR.com\" target=\"_blank\" rel=\"nofollow\">JLLIPT@DLPR.com<\/a><\/p>\n<p>\u00a0<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CL38900&amp;sd=2025-03-17\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/jll-income-property-trust-acquires-richmond-distribution-center-302398841.html\" target=\"_blank\">https:\/\/www.prnewswire.com\/news-releases\/jll-income-property-trust-acquires-richmond-distribution-center-302398841.html<\/a><\/p>\n<p>SOURCE  JLL Income Property Trust<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CL38900&amp;Transmission_Id=202503171200PR_NEWS_USPR_____CL38900&amp;DateId=20250317\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire CHICAGO , March \u00ad\u00ad17, 2025 \/PRNewswire\/ &#8212; JLL Income Property Trust, an institutionally-managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with approximately $6.6 billion in portfolio equity and debt investments, announced today the acquisition of Richmond Distribution Center, a Class A industrial building located in Richmond, VA for a purchase price of approximately $40.7 million. Richmond Distribution Center totals approximately 280,000 square feet and is 100% occupied by two high quality international tenants. The leases have an 8.4 year weighted average lease term with annual rent escalations exceeding 3%.\u00a0Constructed in 2022, Richmond Distribution Center is a state-of-the-art, institutional quality property, built with modern specifications and features such as a 200&#8242; truck court area, clear heights of 32&#8242;, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-richmond-distribution-center\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;JLL Income Property Trust Acquires Richmond Distribution Center&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-826430","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>JLL Income Property Trust Acquires Richmond Distribution Center - Market Newsdesk<\/title>\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.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-richmond-distribution-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 Acquires Richmond Distribution Center - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire CHICAGO , March \u00ad\u00ad17, 2025 \/PRNewswire\/ &#8212; JLL Income Property Trust, an institutionally-managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with approximately $6.6 billion in portfolio equity and debt investments, announced today the acquisition of Richmond Distribution Center, a Class A industrial building located in Richmond, VA for a purchase price of approximately $40.7 million. Richmond Distribution Center totals approximately 280,000 square feet and is 100% occupied by two high quality international tenants. The leases have an 8.4 year weighted average lease term with annual rent escalations exceeding 3%.\u00a0Constructed in 2022, Richmond Distribution Center is a state-of-the-art, institutional quality property, built with modern specifications and features such as a 200&#8242; truck court area, clear heights of 32&#8242;, &hellip; Continue reading &quot;JLL Income Property Trust Acquires Richmond Distribution Center&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-richmond-distribution-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-17T16:03:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/491287\/JLL_Income_Property_Trust_Logo_V1.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/jll-income-property-trust-acquires-richmond-distribution-center\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/jll-income-property-trust-acquires-richmond-distribution-center\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"JLL Income Property Trust Acquires Richmond Distribution Center\",\"datePublished\":\"2025-03-17T16:03:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/jll-income-property-trust-acquires-richmond-distribution-center\\\/\"},\"wordCount\":754,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/jll-income-property-trust-acquires-richmond-distribution-center\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/491287\\\/JLL_Income_Property_Trust_Logo_V1.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/jll-income-property-trust-acquires-richmond-distribution-center\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/jll-income-property-trust-acquires-richmond-distribution-center\\\/\",\"name\":\"JLL Income Property Trust Acquires Richmond Distribution Center - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-richmond-distribution-center\/","og_locale":"en_US","og_type":"article","og_title":"JLL Income Property Trust Acquires Richmond Distribution Center - Market Newsdesk","og_description":"PR Newswire CHICAGO , March \u00ad\u00ad17, 2025 \/PRNewswire\/ &#8212; JLL Income Property Trust, an institutionally-managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with approximately $6.6 billion in portfolio equity and debt investments, announced today the acquisition of Richmond Distribution Center, a Class A industrial building located in Richmond, VA for a purchase price of approximately $40.7 million. Richmond Distribution Center totals approximately 280,000 square feet and is 100% occupied by two high quality international tenants. The leases have an 8.4 year weighted average lease term with annual rent escalations exceeding 3%.\u00a0Constructed in 2022, Richmond Distribution Center is a state-of-the-art, institutional quality property, built with modern specifications and features such as a 200&#8242; truck court area, clear heights of 32&#8242;, &hellip; Continue reading \"JLL Income Property Trust Acquires Richmond Distribution Center\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-richmond-distribution-center\/","og_site_name":"Market Newsdesk","article_published_time":"2025-03-17T16:03:11+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/491287\/JLL_Income_Property_Trust_Logo_V1.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-richmond-distribution-center\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-richmond-distribution-center\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"JLL Income Property Trust Acquires Richmond Distribution Center","datePublished":"2025-03-17T16:03:11+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-richmond-distribution-center\/"},"wordCount":754,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-richmond-distribution-center\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/491287\/JLL_Income_Property_Trust_Logo_V1.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-richmond-distribution-center\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-richmond-distribution-center\/","name":"JLL Income Property Trust Acquires Richmond Distribution Center - 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