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California  + San Diego  + Industrial  | 
JLL Income Property Trust acquired South San Diego Distribution Center from affiliates of Murphy Development for $158.5 million

JLL IPT Bags San Diego Industrial Portfolio for $159M 

JLL Income Property Trust (JLL IPT) has acquired South San Diego Distribution Center, a three-building, 665,000-square-foot industrial portfolio in San Diego. The three properties are 96% leased to eight tenants, and the purchase price was $158.5 million.  

“Industrial properties continue to be a target overweight for our portfolio given sustained tenant demand and strong, long-term outlook for the sector that we believe will yield stable income for our stockholders,” said JLL IPT president and CEO Allan Swaringen. “South San Diego Distribution Center aligns well with our strategy, given its location near irreplaceable transportation infrastructure and San Diego’s strong industrial rent growth.”  

This investment was acquired through the assumption of an in-place, $72.5 million first mortgage along with the issuance of $75 million in operating partnership units to the sellers, affiliates of locally based Murphy Development Company. The balance of the purchase was funded with cash.  

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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