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JLL Income pays $64.5M for Calif. warehouse portfolio

Jones Lang LaSalleIncome Property Trust Inc. picked up a five-building warehouse portfolioin the Greater Los Angeles submarket.

The company paid roughly $64.5 million for the Valencia IndustrialPortfolio, with a 4.9% estimated cap rate. It is fully leased to eight local andnational tenants.

The acquisition marks the company's third industrialinvestment completed in 2016, bringing its industrial allocation tomore than $430 million and 25% of its overall portfolio, President and CEO C. AllanSwaringen said in a statement.