Open-ended US real estate investment trust JLL Income Property Trust has added the fully-let 443,000sqft Minneapolis Distribution Center to its portfolio.
The $6.6bn (€6.3bn) trust said it has acquired the recently constructed, class-A industrial business park in Maple Grove in Minnesota for $66.5m.
Allan Swaringen, president and CEO of JLL Income Property Trust, said: “Minneapolis’s strong industrial market, critical distribution infrastructure and growing manufacturing demand make it a strategic and desirable region for us to invest. The property’s new construction, high occupancy, and strategic location in this leading industrial market make it a standout addition to our carefully curated industrial portfolio.
“As market pricing has adjusted, the outlook for this investment is stronger than what we’ve seen since before the Fed started hiking rates in early 2022. With our significant dry powder, attractive pipeline of new investments, and a belief that we are at the start of a new real estate market cycle – we are bullish in our outlook for core real estate’s long-term performance.”
Industrial investments accounted for 32% of the total $6.6bn portfolio as of 30 September 2024. The segment comprised $2.1bn in industrial assets spread across 59 properties.
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