JLL Income Property Trust announced on March 17, 2025, the acquisition of Richmond Distribution Center, a Class A industrial building in Richmond, Virginia, for approximately $40.7 million. The property totals approximately 280,000 square feet and is 100% occupied by two international tenants.
The leases at the distribution center have an 8.4-year weighted average lease term with annual rent escalations exceeding 3%. Constructed in 2022, the property features modern specifications such as a 200-foot truck court area, 32-foot clear heights, and refrigerated cold storage.
Located just two miles from Richmond International Airport and eight miles from the I-95 corridor, the property is centrally positioned on the Eastern Seaboard. This acquisition aligns with JLL Income Property Trust's research-led industrial strategy, focusing on properties with access to critical distribution and transportation infrastructure.
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