JLL Income Property Trust acquires Louisville Distribution Center for $95m

JLL Income Property Trust has acquired Louisville Distribution Center, a 1 million-square-foot, Class A industrial property in South Louisville, Kentucky, for $95 million.

The Louisville Distribution Center includes 40-foot clear heights, LED motion sensor lighting, cross-docking, HVAC throughout, and 234 trailer parking spaces.

JLL Income Property Trust said that the new investment takes its total industrial allocation to approximately $900 million, or 28% of the portfolio, spanning 34 properties in a dozen targeted warehouse markets.

JLL Income Property Trust acquires Louisville Distribution Center. Photo courtesy of LaSalle Investment Management.

Allan Swaringen – JLL Income Property Trust President and CEO said: “The Louisville industrial market’s low vacancy rate of just 4.2 percent and central location makes it an excellent market for us to continue to increase our allocation to core industrial assets located in close proximity to irreplaceable transportation infrastructure.

“The property’s modern layout is bolstered by significant building improvements invested by the tenant, which, coupled with the 10-year lease to an investment-grade credit, Fortune 100 company is expected to provide predictability of cashflow for years to come.”