#United States #Apex #Raleigh NC #JLL Income Trust #Industrial Park

JLL Income Property Trust Expands Its Portfolio with New Acquisition in Raleigh Area

On September 17, 2025, JLL Income Property Trust made headlines by acquiring the West Raleigh Distribution Center, a Class A industrial park located in Apex, North Carolina, for approximately $196 million. This strategic move is part of JLL's ongoing effort to capitalize on the booming industrial sector, which has shown resilience amidst economic fluctuations.

The West Raleigh Distribution Center consists of five modern buildings, totaling 985,000 square feet, and is currently 87% leased. Among its eight tenants, a notable major distributor serving the biotech and healthcare sectors stands out, having secured a long-term lease with annual rent escalations of 3.75%. The buildings, constructed from 2024 to 2025, are designed to accommodate a range of users, including mid-bay and bulk tenants, catering to diverse industrial needs.

Located conveniently near Interstate Highway 540, the site finds itself amid a vibrant industrial area, making it advantageous for logistics operations. Raleigh's recent recognition by the Milken Institute as one of the top-performing large cities for economic growth further emphasizes the location's promise, supported by a robust labor market and a burgeoning high-tech sector. Additionally, construction is underway for a $3 billion freestanding children's hospital in the region, projected to enhance job opportunities and economic development through the 2030s.

"The West Raleigh Distribution Center represents a prime investment in an area experiencing continual growth in industrial demand," remarked Allan Swaringen, President and CEO of JLL Income Property Trust. "Despite some macroeconomic uncertainties in 2025, the industrial sector's fundamentals remain strong, particularly in inland locations near major distribution hubs. Having conducted nearly $300 million in strategic dispositions in 2024, we now have significant capital available to invest in properties that align with our objectives of high-quality acquisitions."

As of June 30, 2025, JLL Income Property Trust's portfolio is strategically comprised of 33% industrial investments, totaling approximately $2 billion across 58 properties. This acquisition bolsters JLL's focus on high-quality industrial assets, a sector that continues to show promise and stability despite market challenges.

In addition to diversifying its holdings further, JLL Income Property Trust remains committed to maintaining a balanced and resilient portfolio. The trust’s parent company, LaSalle Investment Management, has been a pivotal partner in its acquisition strategies, managing assets valued at $84.9 billion globally across various real estate investment vehicles.

About JLL Income Property Trust

JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) is a daily NAV REIT dedicated to managing a diverse array of income-producing properties across the United States, including residential, industrial, grocery-anchored retail, and healthcare sectors. With an eye toward future opportunities, JLL seeks to further enhance its portfolio, both domestically and internationally.

For more information about JLL Income Property Trust and its initiatives, visit www.jllipt.com.