July 20, 2016
Chicago-based JLL Income Property Trust acquired the Valencia Industrial Portfolio, a five-building warehouse portfolio located in Valencia, CA and Santa Clarita, CA. The assets were acquired from New York-based Clarion Partners for $64.5 million with an estimated capitalization rate based upon purchase price of 4.9%.
The acquisition was funded with cash on hand and a $25 million draw on the REIT’s line of credit. The nearly 500,000-square-foot multi-tenant portfolio is 100% leased to a diverse roster of eight different national and local tenants.
JLL’s Allan Swaringen says, “This portfolio’s prime infill location in close proximity to Interstate 5 should allow us to attract and retain tenants and capture this market’s strong rent growth potential.”
The portfolio was marketed by JLL’s capital markets team of Bo Mills and Mark Detmer, as well as leasing agent Brad Koehler.
For comments, questions or concerns, please contact Dennis Kaiser