STAGIndustrial Inc. on April 4 detailed its first-quarter acquisitionand disposition activities.
During the first quarter, the company purchased five buildingstotaling 710,754 square feet for $27.9 million, excluding acquisition costs.The buildings have a 4.2-year weighted average lease term and an 8.5% cap rate,including a lease set to commence in July.
STAG on Feb. 9 acquired two buildings comprising 265,126square feet in Portland-South Portland, Maine, for a total of $12.5 million.The Portland, Maine, building is being redeveloped and is currently vacant.
The company also purchased a 206,448-square-foot buildingand a 108,620-square-foot facility in Cincinnati on Feb. 16 and March 28,respectively, for $5.3 million and $5.6 million. The 130,560-square-footbuilding in Knoxville, Tenn., meanwhile, was bought for $4.5 million on Feb. 29.
Subsequent to the quarter-end, STAG was under contract ornonbinding letter of intent to acquire a total of eight buildings aggregating2,094,652 square feet for $91.0 million, excluding acquisition costs.
The properties that the company was under contract to buy asof April 4 comprise two buildings totaling 783,272 square feet, with a combinedvalue of $33.7 million. The company was under a nonbinding letter of intent toacquire six buildings aggregating 1,311,380 square feet for $57.3 million.
Also during the first quarter, the company offloaded fourbuildings comprising about 1.2 million square feet for a total of $32.8 million.
Overall, STAG said it has 156 buildings worth a total of$1.6 billion under its potential acquisition pipeline.