Jones Lang LaSalle Income Property Trust Completes Retail Acquisition in High
Growth Southern California Market
CHICAGO, IL -- (Marketwired) -- 06/17/14 -- Jones Lang LaSalle
Income Property Trust, Inc. (NASDAQ: ZIPTAX) (NASDAQ: ZIPTMX), an
institutionally-managed, non-listed, daily valued perpetual life
REIT, today announced it acquired Rancho Temecula Town Center, a
grocery-anchored neighborhood shopping center located in Temecula,
CA. The 165,000 square foot center is 93 percent leased to 26
tenants, with Sprouts Farmers Market, LA Fitness, Rite Aid, and
BevMo! as its four primary anchor tenants. The anchors generate 54
percent of the center's revenue and have a weighted average lease
term of nearly 9 years. The stability of the anchor tenant income is
complemented by potential revenue growth of the inline shop spaces.
The purchase price was approximately $60 million with an estimated
capitalization rate based on purchase price of 5.6 percent. The
acquisition was financed at approximately 50 percent loan to value
with a fixed interest rate loan of 4 percent for 12 years.
Rancho Temecula Town Center is strategically located in Riverside
County, the fastest growing county in California, within an expanding
residential corridor between Orange County and San Diego. The
high-quality shopping center capitalizes on the area's strong
demographics in terms of population density, growing household
incomes and high daily traffic counts.
"This investment provides increased portfolio diversification with
geographic exposure to the west coast and industry exposure to the
expanding specialty grocer market," commented Allan Swaringen,
President and CEO of Jones Lang LaSalle Income Property Trust. "This
is our third grocery anchored-shopping center acquisition in the past
nine months, continuing our focus on income producing properties that
also have attractive long-term growth potential."
Jones Lang LaSalle Income Property Trust acquired Oak Grove Plaza, a
Kroger Signature anchored center near Dallas, TX, earlier this year
and Grand Lakes Market Place near Houston, TX, anchored by Whole
Foods, in late 2013.
Jones Lang LaSalle Income Property Trust is a non-listed, daily
valued perpetual life real estate investment trust (REIT) that gives
access to a growing portfolio of commercial real estate
investments selected by an institutional investment management team
and sponsored by one of the world's leading real estate services
For more information on Jones Lang LaSalle Income Property Trust,
please visit our website at www.jllipt.com.
About Jones Lang LaSalle Income Property Trust (NASDAQ: ZIPTAX)
Jones Lang LaSalle Income Property Trust, Inc. is a
non-listed, daily valued perpetual life real estate investment trust
(REIT) that owns and manages a diversified portfolio of high quality,
income-producing office, retail, industrial and apartment properties
located primarily in the United States. Jones Lang LaSalle Income
Property Trust expects to further diversify its real estate portfolio
over time, including on a global basis.
About LaSalle Investment Management
LaSalle Investment Management,
Inc., a member of the Jones Lang LaSalle group and advisor to Jones
Lang LaSalle Income Property Trust, is one of the world's leading
global real estate investment managers with nearly 700 employees in
16 countries worldwide and approximately $50 billion of assets under
management of private and public property equity and debt
investments. LaSalle's diverse client base includes public and
private pension funds, insurance companies, governments, endowments
and private individuals from across the globe. For more information,
Forward Looking Statements
This press release may contain
forward-looking statements with respect to Jones Lang LaSalle Income
Property Trust. Forward-looking statements are statements that are
not descriptions of historical facts and include statements regarding
management's intentions, beliefs, expectations, plans or predictions
of the future. Because such statements include risks, uncertainties
and contingencies, actual results may differ materially from those
expressed or implied by such forward-looking statements.
Telephone +1 312 228 2121
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