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ILPT Acquires Two Industrial Portfolios for $905M

Newton, MA-based Industrial Logistics Properties Trust (ILPT) acquired two portfolios of industrial properties for an aggregate purchase price of $905.3 million.

ILPT acquired a portfolio of 18 properties located in 12 states, with an aggregate of approximately 8.7 million square feet from affiliates of Cole Office & Industrial REIT (CCIT II), Inc. CCIT II is sponsored by an affiliate of CIM Group, LLC.

The total purchase price of the portfolio was $625.3 million. The acquisition is expected to close within 60 days. The 18 properties are 100% leased to 13 tenants, including such companies as UPS, Procter & Gamble and Subaru. Eastdil Secured is representing CCIT II in the transaction.

The second deal involves an eight-property, roughly 4.2-million-square-foot portfolio located in the Indianapolis and Cincinnati market areas. An undisclosed party divested the portfolio that’s 100% leased to 10 tenants for $280 million.

ILPT is funding the acquisitions with cash on hand from its recent $650 million mortgage financing, and by drawing on its $750 million revolving credit facility.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition
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