Jones Lang LaSalle Income Property Trust Acquires Long-term Leased Warehouse in Charlotte, NC
1 July 2014 - Jones Lang LaSalle Income Property Trust, Inc. (NASDAQ: ZIPTAX) (NASDAQ: ZIPTMX), an institutionally-managed, non-listed, daily valued perpetual life REIT, today announced it acquired Charlotte Distribution Center.
The 346,500 square foot warehouse is 100 percent leased to Michelin North America, Inc. for over 14 years with 2.25 percent annual rent increases. The purchase price was approximately $25.5 million with an estimated capitalization rate based on purchase price of 6 percent. With a population growth rate of more than 35 percent since 2000, Charlotte supports a thriving business district and is home to more than 270 Fortune 500 Companies representing a diverse group of industries including banking, manufacturing, healthcare and energy. The sixth busiest passenger airport in North America and a recently completed state-of-the-art rail intermodal facility service its 2.3 million residents. The investment offers Jones Lang LaSalle Income Property Trust stable cash flow and added exposure to the eastern US real estate market, increasing the geographic diversification of the portfolio. “Our strategy remains to further grow and diversify the portfolio in terms of tenant mix, property type and geographic location.” commented Allan Swaringen, President and CEO of Jones Lang LaSalle Income Property Trust. “Charlotte Distribution Center is a very strong addition to the portfolio in terms of all of these diversifiers. With this acquisition, we stand at the half-year mark having already completed five new investments totaling more than $135 million in higher-quality, core properties that enhance the value of our portfolio and bring our total assets to over $900 million”. Jones Lang LaSalle Income Property Trust is a non-listed, daily valued perpetual life real estate investment trust (REIT) that gives investors access to 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. For more information on Jones Lang LaSalle Income Property Trust, please visit our website at www.jllipt.com.