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Industrial Property Trust unit inks $187.5M deal to acquire 7-building portfolio

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Industrial Property Trust unit inks $187.5M deal to acquire 7-building portfolio

An Industrial PropertyTrust Inc. subsidiary agreed to buy a 100% fee interest in a seven-buildingindustrial portfolio in a deal valued at roughly $187.5 million.

The transaction, subject to certain closing conditions, is expectedto be completed in the second quarter. The purchase price excludes transfer taxes,due diligence expenses and other closing costs.

The company said it will use proceeds from its public offeringand debt financing to fund the acquisition.

The buildings comprise about 3.0 million square feet and siton roughly 226.9 acres. They are spread across the Southern California; Atlanta;Louisville, Ky.; Chicago and Charlotte, N.C., markets. They are fully occupied by12 tenants, with a roughly 1.8-year weighted-average remaining lease term, accordingto a filing.

The company, through its subsidiaries, will assume the leaseagreements on the properties upon completion of the deal.

The subsidiary, IPT Acquisitions LLC, signed the deal April 21.The sellers are AP Redlands LLC, AP Barrett Lakes 2700 LLC, AP Barrett Lakes 2750LLC, AP Barrett Lakes 2850 LLC, AP Taylor Road LLC, AP Omega Parkway LLC and APJamesburg Drive LLC.