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Dream Industrial REIT enters Columbus, Ohio, with US$61M property deal

Dream Industrial REIT marked its entry into Columbus, Ohio, with the roughly US$61.0 million acquisition of two industrial properties.

The fully leased assets have an estimated gross leasable area of 721,000 square foot and a weighted average lease term of 6.3 years. The properties were purchased under a deal that closed Sept. 6, reflecting a capitalization rate of approximately 6.6%.

The Canadian real estate investment trust used proceeds from its equity offering in June and a revolving credit facility to finance the transaction, according to a release.

Separately, the trust also signed a deal to buy a 121,000-square-foot distribution facility at 10555 Henri-Bourassa West in Montreal, Quebec, for C$13.6 million. Dream Industrial said it intends to use working capital and a revolving credit facility to close the agreement, which represents a capitalization rate of about 6.1%, by October-end.