JLL Income Property Trust Acquires Phoenix Area Industrial Facility
JLL Income Property Trust, an institutionally managed, daily net asset value real estate investment trust with approximately $6.5 billion in portfolio equity and debt investments, has acquired the Glendale Distribution Center, a Class A industrial warehouse facility in Glendale, Ariz., for a purchase price of approximately $140 million.
“Glendale Distribution Center is strategically located in a thriving industrial area, making it an attractive investment for us,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust.
Glendale Distribution Center totals 1 million square feet and is 100% leased and occupied by a single tenant, a global sportswear manufacturer and distributor. The lease’s term is over 10 years with annual rent escalations of 3.25%. The property was newly constructed in 2023 and equipped with state-of-the-art warehouse features such as 40′ clear heights, expansive truck courts, fast response fire protection, LED lighting, and above-market power capacity.
The purchase aligns with JLL Income Property Trust’s focus on warehouse locations in proximity to essential transportation infrastructure. The REIT said the Phoenix area has become a booming hub for manufacturing, conveniently located directly at an interchange off Loop 303 and less than 10 miles from Interstate 10.
Furthermore, the property is located in a special foreign trade zone, which allows the tenant to more efficiently manage its point of sales and inventory.
“Phoenix has become a popular location for company relocations as shifting trade policies have led to reshoring and nearshoring trends. We have seen the strong fundamentals of the industrial sector generate stable demand, particularly in areas near major distribution hubs,” said Swaringen. “After some strategic dispositions last year, we have significant dry powder to make new investments. This opportunity aligns well with our strategy of acquiring high quality warehouse facilities located in our target industrial markets.”
Industrial real estate is one of JLL Income Property Trust’s highest conviction sectors. As of June 30, 2025, industrial investments comprised 33% of the total $6.5 billion portfolio, with $2 billion in assets across 58 industrial properties.
The REIT recently fully subscribed JLLX Diversified 9, DST. The $168 million Delaware statutory trust program launched in February of this year and consists of two multifamily residential communities, both located in Fort Collins, Colo., totaling 210 and 195 residential units, and a retail shopping center in Phoenix, totaling 118,000 square feet.
JLL Income Property Trust is an institutionally managed, 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 the nation.
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