
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.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition