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JLL Income Property Trust buys Pioneer Tower in Portland, Ore.

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JLL Income Property Trust buys Pioneer Tower in Portland, Ore.

Jones LangLaSalle Income Property Trust Inc. acquired Pioneer Tower inPortland, Ore., for about $122 million.

The class A office property is 17 stories tall and islocated in the city's central business district. It is 95% leased.

Based on the purchase price, the cap rate is 5.0%.