Diversified real estate investment trust Global Net Lease said it closed roughly $211.8 million of acquisitions, covering 1.3 million square feet, in the last quarter of 2018.
The largest of the six properties acquired during the period was a 606,000-square-foot class A distribution facility in Romulus, Mich. A national logistics provider is leasing the newly built property.
The REIT also purchased two other distribution assets, spanning 85,646 square feet in Pittsburgh and 58,181 square feet in Cullman, Ala., which are occupied by a pharmaceutical supplier and an automotive distributor, respectively.
A 359,807-square-foot built-to-suit industrial building in Shelby Township, Mich., leased to an automotive manufacturing supplier, was also acquired during the quarter, as well as a 113,000-square-foot coating manufacturer-leased industrial facility in Kansas City, Kan.
Lastly, Global Net Lease bought an industrial property with light manufacturing, warehouse and office spaces in Massachusetts. A metal working manufacturer leases the 65,000-square-foot building.
The weighted average going-in capitalization rate for the six properties was 6.67%.
The New York-based REIT used mortgage debt and cash on hand to fund the transactions. Overall, the company spent more than $478 million to buy 23 buildings in 2018.