Industrial Property Trust Completes $292 Million Plus in Acquisitions for 3Q15
Industrial Property Trust Inc., a publicly registered non-traded real estate investment trust that owns and operates industrial distribution warehouses throughout the United States, released its acquisition activity for the third quarter of 2015. The REIT acquired, either directly or through its 51 percent ownership interest in a joint venture partnership, 23 industrial buildings totaling approximately 3.9 million square feet for an aggregate purchase price of approximately $292.1 million.
In July 2015, the REIT completed three transactions totaling four industrial buildings aggregating 481,000 square feet for approximately $54.7 million. This includes one building totaling 91,000 square feet acquired through IPT’s 51 percent ownership interest in a joint venture partnership. The buildings are located in the Southern California, Chicago and Houston markets.
In August 2015, Industrial Property Trust completed six transactions totaling 11 industrial buildings in the Austin, Nashville, Seattle / Tacoma, Southern California, Atlanta and Houston markets comprising 1.7 million square feet for an aggregate purchase price of approximately $113.8 million. This includes five buildings totaling 560,000 square feet acquired through IPT’s 51 percent ownership interest in a joint venture partnership.
In September 2015, the REIT completed four transactions totaling eight industrial buildings aggregating 1.7 million square feet in the Portland, Chicago, Baltimore / DC and Houston markets for a combined purchase price of $123.6 million.
“These acquisitions will help us grow our established position in targeted supply-constrained markets” 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 is focused on acquiring and operating distribution warehouses that are leased to corporate customers. IPT’s core strategy is to build a national platform of industrial properties by targeting markets that have high barriers to entry, proximity to a large demographic base, and/or access to major distribution hubs. As of September 30, 2015, IPT had acquired, either directly or through its 51 percent ownership interest in a joint venture partnership, 91 industrial buildings totaling approximately 13.2 million rentable square feet in 15 major industrial markets for an aggregate purchase price of approximately $1.0 billion.
