JLL Income Property Trust Acquires $190M Industrial Park

The acquisition reflects a broader strategy to expand industrial holdings amid economic volatility and sector strength.

September 19, 2025

JLL Income Property Trust Strengthens Industrial Portfolio with Apex, NC Acquisition

JLL Income Property Trust is expanding its industrial footprint with a $190 million acquisition in Apex, North Carolina. The newly added West Raleigh Distribution Center includes five Class A buildings totaling 985,000 square feet, 87% leased to a mix of eight tenants. The largest is a biotech and healthcare distributor locked into a long-term lease with 3.75% annual rent escalations.

This move reflects a clear strategy: deploy capital into high-performing submarkets where industrial demand remains strong. After selling nearly $300 million in assets last year, JLL Income Property Trust is now using that liquidity to target acquisitions with compelling return profiles. Apex fits the bill.

The industrial park was completed between 2024 and 2025 and is built for flexibility. With a range of sizes to support both mid-bay and bulk users, the property is designed to meet the needs of tenants as they scale or shift logistics strategies. Its location near Interstate 540 puts it close to major biomanufacturing hubs and gives tenants easy access to the broader Raleigh-Durham region.

That regional backdrop matters. Raleigh continues to rank near the top for economic performance in the U.S., with job growth and a strong tech sector helping to drive demand for space. Add to that a $3 billion children's hospital project slated to create thousands of new jobs, and it’s easy to see why the area is drawing attention from institutional real estate investors.

Industrial Focus Remains Central to Strategy

Industrial is a key focus area for JLL Income Property Trust. As of mid-year, the sector made up one-third of its $6.5 billion portfolio, with 58 properties totaling $2 billion in value. The West Raleigh acquisition adds to that base and strengthens exposure to a market showing long-term growth signals.

The trust is managed by LaSalle Investment Management, which oversees nearly $85 billion in assets globally. Their approach to market selection is research-driven and deliberate—Apex is no exception. The team saw the fundamentals and acted. That’s the kind of move clients and stakeholders expect in a shifting economic environment.

The bottom line: this acquisition is about timing, strategy, and location. It’s a reflection of how JLL Income Property Trust is positioning itself to stay responsive and forward-looking in the current cycle.