Business News • MarketWire • Jones Lang LaSalle Income Property Trust Acquires Three-Building Distribution Center in Seattle |
Jones Lang LaSalle Income Property Trust Acquires Three-Building Distribution Center in Seattle |
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Jones Lang LaSalle Income Property Trust Acquires Three-Building Distribution Center in Seattle
CHICAGO, IL--(Marketwired - Feb 11, 2014) - Jones Lang LaSalle Income Property Trust, Inc., an institutionally-managed, non-listed, daily valued perpetual life REIT, today announced it acquired South Seattle Distribution Center, a three-building industrial portfolio totaling approximately 323,000 square feet, located in the downtown South Seattle submarket. South Seattle Distribution Center is 100 percent leased to three high-quality tenants, including the City of Seattle, and boasts a weighted average remaining lease term of nearly eight years. The total purchase price was approximately $38 million with an estimated capitalization rate based on purchase price of approximately 5.2 percent.
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