PRINCETON, NJ-CB Richard Ellis Realty Trust has purchased an industrial portfolio of six class A bulk industrial warehouse buildings totaling 1.9 million square feet located in six national industrial distribution markets. The portfolio is 88% leased to nine tenants.
The portfolio includes a mix of single and multi-tenant buildings, which were built between 1998 and 2002. All of the assets feature concrete panel construction and are state-of-the-art in features.
The properties are located at 4701 Gold Spike Dr. in Ft. Worth, TX with 420,360 square feet; 1985 International Way at 1985 International Way in Hebron, KY with 189,400 square feet; Tolleson Commerce Park II at 5 S. 84th Ave. in Phoenix with 217,422 square feet; Rickenbacker II at 6440 Port Rd. in Groveport, OH with 434,120 square feet; Summit Distribution Center at 720 Gladiola St. in Salt Lake City with 275,080 square feet; and 3660 Deerpark Blvd. in Elkton, FL with 321,500 square feet.
“This acquisition diversifies and enhances our portfolio by adding additional high-quality industrial product in major distribution markets across the country,” says Charles Hessel, director of investments for CB Richard Ellis Realty Trust. “Each of these buildings is highly competitive in terms of function and location within their respective markets.” The CB Richard Ellis Realty Trust team worked with acquisitions senior director Gary Jaye and the acquisitions team from CBRE Investors to acquire this property.
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