JLL Income Property Trust has sold a three-building industrial warehouse portfolio located in South Seattle. South Seattle Distribution Center was sold to Charlie’s Produce, one of the current tenants at the property for nearly $73 million.
The 323,000-square-foot, three-building portfolio was less than 80 percent leased and had a weighted average lease term of under two years, with significant near-term lease rollover. JLL Income Property Trust’s sale at more than $125 per square foot was near record pricing for an older vintage property in this market and realized a leveraged equity multiple of 2.6 times its initial investment made originally in 2013.
“While increasing our portfolio’s allocation to the industrial sector is one of our investment priorities, in this case, a sale to one of the property’s long-standing tenants provided well above target investment performance to our stockholders while also derisking one of our largest near-term lease maturities
