JLL-Managed REIT Returns To Office Investment with $122 Million Purchase
JLL Income Property Trust Makes its Largest Single-Asset Buy in 12-Year History
The purchase price was $121.75 million (about $411/square foot) with an estimated capitalization rate based on purchase price of 5%. The seller was General Growth Properties Inc.
It is the REIT’s single largest building purchase in its 12-year history.
It’s also JLL Income’s first office acquisition in year and a half and only its third since the end of the Great Recession. In the peak years of 2006 and 2007, the REIT acquired seven office properties. Since that time, though, JLL Income Property has focused more on retail and industrial properties.
