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Agellan Commercial REIT wraps up purchase of Fla. property

Agellan Commercial REIT wrapped up the acquisition of the Meridian Distribution Center in Sarasota, Fla., for approximately US$52.5 million, before closing costs.

The purchase price for the industrial distribution facility reflected a going-in capitalization rate of approximately 8.1%. The property has about 907,000 square feet of gross leasable area.

The REIT funded the acquisition by using proceeds drawn from its credit facility and by assuming a mortgage on the property with an outstanding principal amount of approximately US$33.3 million.