JLL Income Property Trust announced on December 11, 2024, the acquisition of Minneapolis Distribution Center, a Class A industrial business park in Maple Grove, Minnesota, for approximately $66.5 million. The property comprises two buildings totaling 443,000 square feet and is 100% occupied by a diverse mix of tenants.
The leases at the distribution center include 3-3.5% annual rent escalations and at least five-year renewal options for all tenants. Constructed in 2023, the property features modern specifications such as 49 dock doors, 5 drive-in doors, and 32-foot clear heights, positioning it well for future tenant needs.
Located in the Northwest Interchange sub-market, minutes from downtown Minneapolis, the acquisition aligns with JLL Income Property Trust's research-led industrial strategy. Industrial investments constituted 32% of the trust's $6.6 billion portfolio as of September 30, 2024, highlighting its strategic importance.
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