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Industrial districts

JLL Income Property Trust Acquires Raleigh Area Industrial Park

Strategic Insights

— 2 min read

JLL Income Property Trust, an institutionally managed real estate investment trust (REIT), has acquired West Raleigh Distribution Center, a Class A industrial park in Apex, NC, for approximately $190 million. The property is strategically located near interstate highway 540 and close to major biomanufacturing companies in the region. The acquisition aligns with JLL Income Property Trust's strategy of acquiring high-quality industrial facilities located in its target markets.

The West Raleigh Distribution Center is comprised of 5 buildings totaling 985,000 square feet and is 87% occupied by a mix of eight tenants, including a major distributor to the biotech and healthcare sectors on a long-term lease with attractive annual rent escalations of 3.75%. Raleigh, the location of the property, was recently ranked in the top tier of Best Performing Large Cities for economic growth across the U.S. by the Milken Institute, driven by a strong labor market, access to economic opportunity, and a thriving high-tech sector.

Key Takeaways:

  • JLL Income Property Trust has acquired West Raleigh Distribution Center, a Class A industrial park in Apex, NC, for approximately $190 million.
  • The property is strategically located near interstate highway 540 and close to major biomanufacturing companies in the region.
  • West Raleigh Distribution Center is comprised of 5 buildings totaling 985,000 square feet and is 87% occupied by a mix of eight tenants.
  • The largest tenant is a major distributor to the biotech and healthcare sectors on a long-term lease with attractive annual rent escalations of 3.75%.
  • Raleigh, the location of the property, was recently ranked in the top tier of Best Performing Large Cities for economic growth across the U.S. by the Milken Institute.
  • JLL Income Property Trust's portfolio includes $2 billion in assets across 58 industrial properties, aligning with its strategy of acquiring high-quality industrial facilities.
  • Industrial investments comprise 33% of JLL Income Property Trust's total $6.5 billion portfolio.

Statistics:

  • JLL Income Property Trust's portfolio equity and debt investments total approximately $6.5 billion.
  • West Raleigh Distribution Center is occupied by 8 tenants, with the largest tenant being a major distributor to the biotech and healthcare sectors.
  • The property has a total of 5 buildings, with 985,000 square feet.
  • The annual rent escalations for the largest tenant are 3.75%.

Sources:

  • JLL Income Property Trust, "JLL Income Property Trust Acquires Raleigh Area Industrial Park" (2025) cited in PR Newswire.
  • Milken Institute, "Best-Performing Cities 2025" cited in JLL Income Property Trust, "JLL Income Property Trust Acquires Raleigh Area Industrial Park" (2025).
  • LaSalle Investment Management, "About Us" cited in JLL Income Property Trust, "JLL Income Property Trust Acquires Raleigh Area Industrial Park" (2025).

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