Welsh Property Trust has purchased a five-building distribution portfolio from KTR Capital Partners, a real estate private equity fund manager and operating company headquartered in New York, for $99.5 million. Jones Lang LaSalle represented KTR in the transaction. Terms of the deal were not disclosed.
"This offering represented a rare opportunity for Welsh Property Trust to acquire five debt-free, newer built industrial facilities in one transaction – one that will allow them to complement their existing portfolio and provide an immediate presence in primary distribution markets," said Jones Lang LaSalle's International Director John Huguenard. "The portfolio has been extremely well maintained by committed institutional ownership and requires minimal capital improvement in the near term. Coupled with below-market rental rates, upside potential is significant."
The five buildings, constructed between 2006 and 2007, were 94% leased at the time of sale to six tenants. The buildings are located at:
- 535 Shingle Oak Drive, West Chicago, IL — 150,000-square-foot, fully leased to McCollister’s Transportation System, Inc.
- 1105 East Northfield Drive, Brownsburg, IN — 526,200-square-foot, fully leased to Krunchers Kettle Cooked Potato Chips and LifeScience Logistics.
- 40 Logistics Boulevard, Walton, KY — 543,512-square-foot, fully leased to GSI Commerce Solutions.
- 6766 Pontius Road, Groveport, OH — 754,000-square-foot, 78.8% leased to Honeywell International.
- 3051 Creekside Parkway, Obetz, OH — 737,471-square-foot, fully leased to Zulily, Inc.
For more news and information visit Blumberg Capital Partners.
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