JLL Income Property Trust recently completed the sale of Pinole Point, a three-property industrial park located in Richmond. Although details about the buyer and sale price were not disclosed, JLL IPT’s president and CEO Allan Swaringen stated that the transaction resulted in a significant gain of over 50% from their initial investment. The portfolio was acquired by JLL IPT through two separate transactions totaling $84.2 million.
The Pinole Point Distribution Center consists of three newly built warehouses spanning 518,000 square feet. Its strategic location provides tenants with easy access to key transportation infrastructure such as major Interstate highways, the Port of Oakland, Oakland International Airport and the densely populated Bay Area.
According to Swaringen, there is strong investor demand for industrial properties in markets like the Bay Area. He also highlighted how Pinole Point has been an exceptional investment for JLL IPT over their eight-year hold period due to its ability to generate inflation-hedging income through rent growth and deliver above-target total returns.
This news was originally published on Connect CRE.
