Canadian REIT Expands Horizons

Pure Industrial Real Estate Trust entered into a conditional agreement to acquire 16 acres on Doerr Lane in Schertz, TX. A spokeswoman for the REIT told Connect Media that the land is adjacent to 202,763 square feet it currently owns at 9929 and 9943 Doerr Lane, which was built in 2014. Tenants on the property include FedEx Ground and Compass Group USA, according to public records.

The buyer will pay $2.8 million for the land upon closing, which will take place during Q1 2017. According to a statement from the REIT, it has future development potential, with forecast yields of approximately 9%. The land’s seller was undisclosed.

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