JLL Income Property Trust, an institutionally managed daily NAV REIT, has acquired of Chandler Distribution Center, a 211,000-square-foot, Class A industrial asset located in the southeast submarket of Phoenix. The purchase price was $31 million.
The Phoenix metro area has experienced positive net absorption over the past 10 years with demand consistently outpacing supply. Newly released U.S. Census Bureau data for city population growth highlights Phoenix as one of the fastest-growing metro regions due to affordable housing, a highly educated workforce and reasonable land prices and lease rates.
"Our strategy remains to further grow and diversify the portfolio in terms of tenant mix, property type and geographic location," JLL Income Property Trust President and CEO Allan Swaringen said in a statement. “We are pleased to add this high-quality industrial asset to our portfolio, as we increase exposure to core assets located in close proximity to irreplaceable transportation infrastructure. This investment brings our aggregate industrial allocation to almost $750 million and 6.7 million square feet representing 26 percent of the value of the overall JLL Income Property Trust portfolio."
