Miami-based Starwood Real Estate Income Trust (SREIT) acquired a 33-asset light industrial portfolio concentrated in the Chicago, Indianapolis, Columbus and Milwaukee metro areas. The purchase price wasn’t disclosed.
Totaling 4.1 million square feet, the Midwest Industrial Portfolio is currently 98% leased to 50 tenants, and has maintained an average occupancy of just under 95% over the past 10 years. “Industrial is a great asset class, and operating fundamentals point to continued strength in the coming years,” said Garret Overlock, VP of acquisitions at Starwood Capital, the non-traded REIT’s manager.
He added, “We love this portfolio for SREIT for a number of reasons. These are major industrial markets that service not only local but regional and national distribution needs, the tenant quality and diversity is very high, and the light industrial nature of the portfolio mitigates our exposure to future supply, much of which is concentrated in the bulk industrial space.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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