Nontraded REIT acquires San Francisco Bay Area warehouses
JLL Income Property Trust has acquired Pinole Point Distribution Center in Richmond, Calif., according to a statement. The property includes two class A warehouses, which are a combined 477,000 square feet and are fully leased to Amazon and Williams-Sonoma. The distribution center is well located within the San Francisco Bay Area, with access to transportation infrastructure, including major highways, the Port of Oakland and Oakland International Airport. “Acquiring high-quality, state-of-the-art warehouses in select, primary transportation hubs continues to be a core component of our industrial investment strategy,” said Allan Swaringen, president and CEO of JLL Income Property Trust, in a statement. This is the nontraded REIT’s ninth industrial acquisition in 2016 and 27th total industrial property investment. JLL Income Property Trust has invested more than $515 million in the industrial sector.