JLL Income Property Trust Sells San Diego-Area Industrial Asset
JLL Income Property Trust, a daily net asset value, non-listed real estate investment trust with approximately $6.6 billion in portfolio equity and debt investments, announced the sale of an 80,000-square-foot light industrial/flex property located in the San Diego submarket of San Marcos, Calif.
According to the company, the disposition aligns with its track record of harvesting gains and reinvesting capital. Acquired in July 2021 for approximately $14 million, the sale of the property, located at 237 Via Vera Cruz, supports the fund’s recycling strategy targeting stronger properties positioned for better long-term growth.
“This property proved to be an outstanding investment for us, generating an attractive internal rate of return during our three-year hold period,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust. “With a recent zoning change driving investor interest to this location, this disposition was an opportunity for us to sell out of a vacancy in our portfolio, increase our capital available to make new investments, and redeploy into more core, stabilized assets at the early stages of a new market cycle for real estate.”
Over its 12-year history, JLL Income Property Trust has sold 50 properties at values totaling over $1.3 billion, in aggregate trading on an arms-length basis within 1% of the most recent independent appraised value, all the while utilizing an institutional, independent valuation methodology – a valuation practice the company said is unique from others in the NAV REIT industry.
JLL Income Property Trust’s allocation to industrial investments is still sizeable. At $2 billion, investments in the industrial sector across 57 properties comprise 32% of JLL Income Property Trust’s $6.6 billion diversified portfolio.
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.
Last month, JLL Income Property Trust fully subscribed JLLX Diversified VI, DST. The $104 million program was structured as a Delaware statutory trust designed to provide 1031 exchange investors the opportunity to reinvest proceeds from the sale of appreciated real estate while also deferring taxes.
