Diversified real estate investment trust Global Net Lease Inc. signed agreements to buy primarily investment-grade net-lease distribution and industrial properties worth $274 million in North America and closed on an $18.6 million distribution property purchase in the first quarter.

The transactions will close in multiple stages over the coming quarters and are scheduled to wrap up by October. The properties encompass 3.5 million square feet in total and are leased to tenants such as Penske, Newell Rubbermaid and LSI Steel.

During the fourth quarter of 2017, the company purchased seven industrial and distribution properties along with a solitary office property for roughly $61.0 million.