Welsh Property Trust finalized its purchase of the 2.71 million-square-foot Core Midwest Distribution Portfolio from KTR Capital Partners for $99.5 million or $37 per square foot.
The assets are 94 percent leased to six tenants with below-market rental rates in the Chicago, Indianapolis, Cincinnati and Columbus, OH, markets.
“This offering represented a rare opportunity for Welsh Property Trust to acquire five debt-free, newer built industrial facilities in one transaction--one that will allow them to complement their existing portfolio and provide an immediate presence in primary distribution markets,” said Jones Lang LaSalle’s John Huguenard, SIOR, CCIM who along with Peter Harwood represented KTR Capital.
The facilities were developed between 2006 and 2007 to accommodate both single and multiple tenants. The portfolio consists of:
- 535 Shingle Oak Drive in West Chicago, IL: a 150,000-square-foot industrial building on 11.7 acres fully occupied by McCollister’s Transportation System Inc.
- 1105 E. Northfield Drive in Brownsburg, IN: a 526,200-square-foot property on 28.31 acres 100 percent leased by Krunchers Kettle Cooked Potato Chips and LifeScience Logistics.
- 40 Logistics Blvd. in Walton, KY: a 543,512-square-foot structure on 33.9 acres fully leased by GSI Commerce Solutions.
- 6766 Pontius Road in Groveport, OH: a 754,000-square-foot warehouse on 41.6 acres 78.8 percent leased to Honeywell International.
- 3051 Creekside Parkway in Obetz, OH: a 737,471-square-foot industrial property on 37.2 acres fully leased by Zulily Inc.
New York City-based KTR Capital is an industrial real estate private equity fund manager and operating company.
Minnetonka, MN-headquartered WPT is a
commercial real estate investment company focused on the ownership and operation of industrial properties in key distribution markets in the United States.
See CoStar COMPS #2665727 for more information.