JLL Income Property Trust has acquired Chandler Distribution Center, a 211,000 square foot, Class A industrial asset located in the Southeast submarket of Phoenix, Arizona for $31 million.
“Our strategy remains to further grow and diversify the portfolio in terms of tenant mix, property type and geographic location,” said Allan Swaringen, President and CEO of JLL Income Property Trust.
“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,” he added.
Chandler Distribution Center is well-located immediately off the 202, which is a major east-west thoroughfare in Phoenix, near Chandler and neighboring Gilbert.
The property includes two newly-developed Class A warehouses, well-located and well-designed to accommodate a wide range of the tenant sizes with a current occupancy rate of 97 percent with the ability to capture tenants under 35,000 SF, which make up the bulk of the tenant base in this submarket.