American Realty Capital Trust III Inc., a real estate investment trust, completed its purchase of a 1.04 million-square-foot industrial portfolio in Stockton, CA, for nearly $63 million or $61 per square foot.
Retail Properties of America Inc. (NYSE: RPAI
) was the seller. RPAI, a shopping center REIT, is formerly known as Inland Western Retail Real Estate Trust.
The assets included two 517,920-square-foot distribution centers at 3610 S. Airport Way. Cost Plus, which operates the World Market and Cost Plus World Market brands, and Bed Bath & Beyond fully occupy each facility.
The property last traded when Cost Plus sold its warehouse to Inland Real Estate Acquisitions nearly six years ago for $29.8 million. The home goods retailer subsequently inked a leaseback for its distribution space and expanded the center to more than 1 million square feet.
Bed Bath & Beyond acquired Cost Plus earlier this year for nearly $495 million.
See CoStar COMPS #2536870 for more information.