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Pure Industrial Real Estate to acquire Atlanta asset for C$52.5M

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Pure Industrial Real Estate to acquire Atlanta asset for C$52.5M

Pure Industrial Real Estate Trust struck deals to buy a class A distribution center in Atlanta for roughly C$52.5 million and sell a partial stake in six assets in Alberta and Ontario for about C$56.7 million in net proceeds, before closing costs.

The company said it expects to fund the Atlanta acquisition, slated to close in February, with its operating line and existing cash. The 800,000-square-foot cross-dock facility, which is fully leased to a leading global logistics provider, will also be funded with a new C$25.5 million mortgage with a 3.82% fixed annual interest rate.

The properties included in the proposed partial stake sale to an existing joint venture partner have a combined gross leasable area of 655,385 square feet and weighted average age of 38 years.

Pure Industrial also agreed to buy 16 acres of land with development potential in San Antonio for C$3.7 million, with the deal expected to close in the first quarter. The company also sold a 48,220-square-foot, unoccupied property in Calgary in a roughly C$5.2 million deal completed in December 2016.

Moreover, it agreed to sell assets in Vaughan and North York, Ontario, in deals expected to close in the third and first quarters, respectively. Including a Milton asset sold in December 2016, the three Ontario properties are expected to have a total sale price of roughly C$17.3 million.