Industrial Income Trust Inc., an industrial real estate investment trust, purchased a 3.49 million-square-foot distribution and warehouse portfolio from Ridge Property Trust and Prudential Real Estate Investors (NYSE:PRU
) for $195.5 million or $56 per square foot.
The assets consist of 12 buildings on 168.3 acres across three states. They include four facilities totaling 1.62 million square feet in Moreno Valley (Inland Empire), CA; three structures totaling 1.01 million square feet in Bedford Park (Chicago), IL; and five properties totaling 854,708 square feet outside of Dallas/Fort Worth, TX.
Built between 1975 and 2007, the buildings are nearly 98 percent leased with 16 tenants. Some of the largest occupants include Harbor Freight Tools with 779,000 square feet, M. Block & Sons with nearly 199,000 square feet, Don Miguel Mexican Foods Inc. with 104,000 square feet and Glazier Foods Co. with 128,000 square feet, according to CoStar Group information.
Stephen Silk and Jay Borzi of Eastdil Secured were the listing brokers. The buyer was self-represented.
Prudential Real Estate Investors is the commercial real estate
investment management business of Prudential Financial Inc. Ridge Property Trust is a private industrial REIT formed between Ridge Investors and PREI.
See CoStar COMPS #2186946 for more information.
Editor's note: The story was updated on 10/11/11 to reflect Eastdil Secured as the brokerage firm that handled the listing.
Follow the news on Twitter @LaurieForbes