RREEF Property Trust Inc. purchased a 210,321-square-foot last-mile industrial distribution center in Redmond, Wash., for $81.5 million, excluding closing costs.
The Seattle East Industrial building was sold by Franklin-Redmond LLC. It is fully leased to FedEx Corp. unit FedEx Ground Package System Inc. for a remaining term of about 8.5 years, or through July 2028, with two five-year extension options.
The daily net asset value real estate investment trust, which is advised by DWS Group, used cash on hand and a borrowing of $35.6 million from its existing line of credit with Wells Fargo Bank to fund the equity portion of the transaction.
The company's RPT Seattle East Industrial LLC unit also obtained a roughly $45.1 million, 10-year nonrecourse loan due Jan. 1, 2030, which is secured by the property.
CBRE Inc. was chosen to manage the property. JPMorgan Chase Bank NA provided the new loan.