Ellis Partners Sells Remaining Interest in San Fran Office

SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Jones Lang LaSalle Income Property Trust Inc. has acquired the remaining interest in the entity owning 111 Sutter St. JLLIPT acquired the interest from an affiliate of Ellis Partners LLC.

“This investment is particularly well aligned with JLLIPT’s investment objectives: to seek current income and long-term capital appreciation from carefully selected commercial real estate investments,” notes Allan Swaringen, managing director, president and CEO of the REIT, in a prepared statement. “Expanding our current ownership interest in 111 Sutter, which has performed well within our portfolio since first acquired in partnership with Ellis Partners, is strategic as we look to grow our diversified holdings of core, income-oriented real estate across all four of our primary investment targets—office, retail, industrial and apartments.”