JLL Income Property Trust Buys Richmond Distribution Center
JLL Income Property Trust has acquired Sauer Industrial Center, a 280,000-square-foot distribution center in Richmond, Va., for approximately $40.7 million. Becknell Industrial sold the asset, according to CommercialEdge data.
Sauer Industrial Center is currently fully leased by two international tenants. One of them is Sapporo USA Inc., according to public records, which committed to 149,030 square feet at the start of 2023, Commercial Observer reported. The leases have a weighted average term of 8.4 years, with annual rent escalations over 3 percent.
JLL Income Property Trust had a portfolio worth $6.6 billion at the end of 2024. Of the total, industrial real estate investment accounted for 32 percent, amounting to $2 billion across 57 properties.
A Richmond distribution center
Built in 2022 on a 26-acre site, Sauer Industrial Center has 32-foot clear heights, a 200-foot truck court, 46 trailer parking spots and 172 car parking spaces. The property also features refrigerated cold storage space.
The distribution center is at 943 S. Airport Drive in the Southeast Richmond submarket, providing access to U.S. Route 60 and Interstate 64. Sauer Industrial Center is adjacent to Richmond International Airport. The Port of Virginia is less than 80 miles east.
The Richmond industrial market witnessed a 3.7 percent vacancy rate in the fourth quarter of 2024, down 60 basis points year-over-year, according to a CBRE report. Some 2.9 million square feet were under construction in the metro, while completions amounted to 1.6 million square feet.
Richmond continued to attract the attention of national and international investors, the report went on to show. In one of the largest deals of the quarter, a EQT Exeter fund acquired five properties in the metro as part of a 33-asset portfolio transaction totaling 4.5 million square feet.
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