JLL fund buys Tampa warehouse

JLL Income Property Trust, a Chicago-based non-listed real estate investment trust, has acquired the Madison Business Center in Tampa for $28.3 million.

The 386,000-square-foot industrial building, at 4406 Madison International Lane, is fully occupied by HD Supply and Masonite, and each business has roughly six years remaining on its current lease.

The cross-docked warehouse, which JLL says it purchased at a going-in cap rate of 6%, is HD Supply and Masonite's primary distribution center for Central and Southwest Florida.