JLL Income Property Trust, an institutionally managed daily NAV REIT with more than $3.6 billion in portfolio assets and 86 properties, announced the completion of financing for Southeast Phoenix Distribution Center, a newly constructed, four-building, Class A distribution center totaling 474,000 square feet located in the Chandler submarket of Phoenix, one of the top warehouse markets within the greater Phoenix metroplex.
The financing was for $49 million, at a fixed interest rate of 2.70% for a term of seven years.
“Real estate debt continues to be available on favorable terms for institutional borrowers and stabilized assets,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “The broader industrial sector proved to be resilient throughout the pandemic and is maintaining its position as one of the top performing property sectors. Given the current low interest rate environment, along with the strong weighted average lease term of more than eight years for this property, now is an opportune time to lock in attractive long-term fixed rates.”
Southeast Phoenix Distribution Center is optimally located at the confluence of the Interstate 10 and Loop 202 freeways that traverse the Southeast Valley and provide access to vast labor pools throughout metro Phoenix, one of LaSalle Research & Strategy’s Core Target Market Ranking recommended industrial overweight markets. The Southeast Valley has collectively been the target of more corporate relocations than any other region of metro Phoenix. The property is 15 minutes from Sky Harbor International Airport and 20 minutes from downtown Phoenix.
Constructed in 2019, the property has state-of-the-art features that accommodates a wide range of tenants, ranging from 20,000 square feet up to 135,000 square feet, and includes 32-foot clear heights, grade and dock-high doors, and full concrete truck courts with fencing.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.
For more information on JLL Income Property Trust, please visit our website at www.jllipt.com.