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Sign in Sign up for a FREE subscriptionJLL Income Property Trust sells San Francisco Bay Area industrial portfolio
JLL Income Property Trust, an institutionally managed daily NAV REIT, announced the sale of Pinole Point, a three-property industrial park in Richmond, Calif., in keeping with its long-term strategy of recycling capital at opportunistic points across real estate market cycles.
Pinole Point Distribution Center, acquired newly built by JLL Income Property Trust in 2016, is composed of three warehouses totaling 518,000 square feet and provides tenants access to critical transportation infrastructure, including major interstate highways, the Port of Oakland, Oakland International Airport and the densely populated San Francisco Bay Area, where modern warehouse facilities have historically been in short supply.
“Investor demand for industrial properties in markets like the Bay Area remains strong,” said Allan Swaringen, president and CEO at JLL Income Property Trust. “Pinole Point proved to be an outstanding investment for us over our eight-year hold period, providing