Jones Lang LaSalle Income Property Trust acquires distribution centre in Seattle
Jones Lang LaSalle Income Property Trust has acquired South Seattle Distribution Center, a three-building industrial portfolio totalling approximately 323,000 square feet, in the downtown South Seattle submarket.
South Seattle Distribution Center is 100 per cent leased to three tenants, including the City of Seattle, and has a weighted average remaining lease term of nearly eight years.
The total purchase price was approximately USD38m with an estimated capitalisation rate based on purchase price of approximately 5.2 per cent.
Due to a strong and diverse local economy, a growing population, and significant constraints on developable land, Seattle is one of the nation's most desirable industrial markets. The South Seattle submarket's proximity to the downtown area and Port of Seattle make it one of the highest barrier-to-entry markets and features one of the lowest industrial vacancy rates in the country.
"This acquisition enhances the geographic diversification and growth opportunities within our portfolio," says Allan Swaringen, president and CEO of Jones Lang LaSalle Income Property Trust. "The limited availability of land in this unique location and this investment's long-term leases with annual rent escalations should provide stable income and the opportunity to increase stockholder value over the long-term."
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