JLL Income Property Trust Borrows $21.5M for Massachusetts Warehouse
JLL Income Property Trust, a daily net asset value nontraded real estate investment trust managed by LaSalle Investment Management and sponsored by Jones Lang LaSalle, took out a $21.5 million mortgage to help fund its roughly $36 million purchase of a Massachusetts warehouse in late October. It is the REIT’s third mortgage on an industrial property since June.
The REIT bought West Boston Distribution Center, a 55,000-square-foot industrial property in Northborough, Mass., on Oct. 30. It paid for the deal with the new mortgage and cash on hand, the company said.
The deal follows a $68.5 million mortgage the REIT closed in early October on Whitestown Distribution Center IV. That property is a 1.1-million-square-foot warehouse outside Indianapolis that JLL Income Property Trust bought for about $137 million in August. The loan has a seven-year term and a 5.54% interest rate, the company said.
In June, the REIT closed a $49 million, five-year loan at 5.28% on Louisville Logistics Center, a 1-million-square-foot distribution center south of Louisville, Ky., that it acquired for about $82 million in 2023.
“As interest rates have moved higher and debt capital markets remain open but selective, we are seeing opportunities to include disciplined, accretive leverage on high-quality properties as a component of our business plan to drive positive performance,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust, in an October statement announcing the Whitestown financing.
When it announced the Louisville financing in June, Swaringen said adding leverage to gradually raise the REIT’s loan-to-value ratio was part of its strategy during the real estate recovery.
The approach marks a change in emphasis. The REIT reported a company leverage ratio of 32% at the end of 2025. At the time, it said it intended to use low or possibly no leverage on new acquisitions. As of June 30, its fixed-rate debt carried a weighted-average interest rate of 4.32%.
The new loans come as the REIT continues to expand its industrial holdings. In September, it bought Worcester Distribution Center, a 396,000-square-foot property in Boylston, Mass., for about $90 million, using cash and a draw on its revolving credit facility. Industrial assets comprised approximately $2.7 billion of the REIT’s $6.9 billion portfolio as of Sept. 30, or 66 properties, the company said.
JLL Income Property Trust repurchased about 2.65 million shares for about $29.9 million in October and honored all requests, according to the REIT. Fourth-quarter repurchases are capped at about $113.7 million, or 5% of NAV.
The REIT’s Class A shares had a NAV of $11.24 on Oct. 30. It paid a gross distribution of $0.0525 per share for October.
Last month, AltsWire reported that LaSalle Investment Management had hired PineBridge Investments distribution executive Michael Raso as global head of private wealth, putting him in line to lead the group that built the REIT and its JLL Exchange programs.
Raso joined LaSalle Oct. 26. Following a transition period, he will take over leadership of LaSalle’s Private Wealth Group and join the firm’s Global Management Committee on Jan. 1, 2027, reporting to Brad Gries, chief executive officer, and Tim Kessler, president and chief operating officer.
He succeeds Swaringen, who, according to LaSalle, led LaSalle’s entry into the private wealth segment, created the Private Wealth Group, and launched JLL Income Property Trust and the JLL Exchange Delaware statutory trust program. Swaringen will transition his Private Wealth Group duties to Raso and continue as chief executive officer of JLL Income Property Trust and as a member of its board of directors.
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