JLL Income REIT Elects Brad Gries to Replace Kristy Heuberger on Board

Brad Gries

JLL Income Property Trust Inc., a daily net asset value non-traded real estate investment trust, announced that Kristy F. Heuberger has resigned from her position as a member of the company’s board of directors, along with all of her positions with the company’s adviser: LaSalle Investment Management Inc. Brad Gries has been elected to the board to serve as a director and fill the vacancy created by Heuberger’s resignation.

According to JLL, Gries has significant real estate experience in equity, including transactions and asset management. Gries was named head of the Americas for LaSalle Investment Management in April 2024. He is also the region’s co-chief investment officer, chair of the Americas investment committee, and chair of the Americas management board. Prior to this appointment, Gries served as co-head of the Americas from March 2021 and head of transactions from August 2017. Gries is also a member of the global management committee for LaSalle Investment Management.

Before joining LaSalle in 2017, Gries held various leadership roles over a 16-year career with the real estate investment management arm of DWS, culminating in the role of managing director, real estate transactions, where he led the new investment sourcing and execution teams for the Central and Southeast United States. Gries is also a member of ULI, NAREIM and PREA, and he sits on the advisory board of Mortenson Properties Inc. He began his career at Arthur Anderson after receiving a bachelor’s degree in economics from the University of Illinois, Urban Champaign. Gries also serves on LaSalle’s equity and debt investment committees.

Additionally, the company reported that its total net asset value across all share classes was approximately $2.6 million as of Aug. 9, 2024. This total is roughly equal to the NAV reported as of June 30.

This update follows closely on Stanger’s recent report which reiterated Stanger’s JLL REIT’s rating as overweight.

Since the launch of the company’s initial offering in October 2012, the REIT has raised a total of approximately $5.44 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan, as of Aug. 9.

JLL Income Property Trust is an institutionally managed REIT that, as of June 30, 2024, owned interests in a total of 133 residential, industrial, office, and grocery-anchored retail properties located primarily in the United States, including nearly 4,500 single-family rental houses located in 28 states.

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