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News release

LOUISVILLE

Location, scale drive $31.9M industrial portfolio sale

JLL completes sale of Bluegrass Industrial Portfolio in Louisville


LOUISVILLE, Ky., Aug. 23, 2017 – JLL's Capital Markets experts today announced the company completed the sale of the Bluegrass Industrial Portfolio in Louisville, Kentucky. Exeter Property Group purchased the five-building, 582,541-square-foot portfolio for $31.9 million from SparrowHawk Real Estate.​

International Director John Huguenard and Managing Directors Sean Devaney and Powell Spears led the JLL team on the deal.

"This was a very attractive value-add opportunity in Louisville's premier industrial submarkets," said Huguenard. "The location, combined with the upside opportunity to bring the portfolio to market rents, drove a lot of investor interest."

The portfolio is split between the Airport and East submarkets, both of which benefit from the five interstates that converge within Louisville's city limits. Both submarkets also allow for easy access to Louisville International Airport.

The portfolio is fully occupied to a diverse roster of credit tenants in industries ranging from retail to technology. The buildings range from 71,340 square feet to 190,000 square feet and have recently undergone capital improvements including repaved parking lots, new roofs on four of the buildings, upgraded lighting and HVAC replacement.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $145 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

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About Exeter Property Group

With 140 million square feet of industrial properties under management, Exeter is a real estate investment management firm specializing in the acquisition, development, leasing, and management of industrial and related business park properties across the U.S. and Europe through an array of value add and core return private equity investment vehicles.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.