JLL Income Property Trust Acquires Glendale Distribution Center In Waddell Arizona For $140M With New York Life As Lender

The industrial asset involved in this transaction is located at 8900 North Sarival Avenue, Waddell, AZ. The property has a total square footage of 1,000,000 and was sold for $140,000,000, resulting in a price per square foot of $140.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $140,000,000
• Buyer: JLL Income Property Trust
• Seller: Clarius Partners & Cresset Partners
• Lender: New York Life Insurance Co
• Square Footage: 1,000,000
• Price Per Square Foot: $140

JLL Income Property Trust acquired the Glendale Distribution Center with financing provided through an $83.2M construction loan from New York Life. PUMA is noted to occupy the property until 2038, while JLL continues to emphasize industrial assets within its portfolio, which represents 33% of the total $6.5B value.