JLL Income Property Trust has purchased South San Diego Distribution Center, a three-building, 665,000-square-foot industrial portfolio in San Diego. The three properties are 96 percent leased to eight tenants, and the purchase price was $158.5 million.
"Industrial properties continue to be a target overweight for our portfolio, given sustained tenant demand and strong, long-term outlook for the sector that we believe will yield stable income for our stockholders," said Allan Swaringen, JLL Income Property Trust president and CEO. "South San Diego Distribution Center aligns well with our strategy, given its location near irreplaceable transportation infrastructure and San Diego's strong industrial rent growth."
San Diego's diverse economy is driven by technology, healthcare, biotech, life science, Department of Defense and defense contractors, tourism, and trade with Mexico. The overall San Diego industrial market consists of nearly 200 million square feet and faces g
