Industrial Property Trust Inc., a publicly registered non-traded real estate investment trust, purchased 30 industrial buildings for a total purchase price of approximately $541 million. The REIT acquired the properties, which total 8.1 million square feet, either directly or joint venture.
“During the second quarter, we continued to expand our presence in our top tier, supply-constrained markets, and we entered into certain targeted secondary markets with a growing and/or large demographic base,” said Dwight Merriman, Chief Executive Officer of IPT. “We continue to progress towards building a high quality, national industrial operating platform, and are benefiting from strong property and market-level fundamentals.”
IPT completed seven transactions in April 2016, including 10 industrial buildings comprising 1.4 million square feet for a total of approximately $101.9 million. These buildings are located in the Atlanta, Denver, Louisville, Pennsylvania, Portland, Seattle/Tacoma, and Southern California markets. This includes one building totaling 422,000 square feet acquired through IPT’s 20 percent ownership interest in a joint venture partnership.
In May 2016, IPT completed five transactions, including 13 industrial buildings in the Atlanta, Central Valley, Charlotte, Chicago, Las Vegas, Louisville, New Jersey, Pennsylvania, and Southern California markets, comprising approximately 4.5 million square feet for an aggregate purchase price of approximately $295.1 million.
In June 2016, IPT completed five transactions, including seven industrial buildings aggregating 2.2 million square feet in the Chicago, Connecticut, Dallas, Denver, Louisville, and New Jersey markets for a combined purchase price of approximately $144.0 million.
Industrial Property Trust invests in distribution warehouses that are leased to corporate customers. It targets markets that have high barriers to entry, close proximity to large demographic bases, and/or access to major distribution hubs. Their portfolio consists of 218 industrial buildings totaling 34.4 million for a total purchase price of approximately $2.5 billion. Industrial Property Trust went effective in July 2013 and raised $1.3 billion since inception.