KOBLENZ, GERMANY—New begets new as a brand new industrial site here, fully leased to a new-age industrial tenant, gains a new owner. Chambers Street Properties, based in Princeton, NJ, has purchased a 1-million-square-foot warehouse distribution center here. GlobeSt.com has learned, exclusively, that the price was just north of $79 million in an all-cash deal.
The REIT, formerly CB Richard Ellis Realty Trust, closed on its acquisition of the asset in joint venture with the Goodman Group.
The JV was established to develop a portfolio of industrial assets stemming from Goodman's own development pipeline in Europe and the UK. The asset, which is located in a city that's the hub of industrial transportation in Germany, is leased on a triple net basis to Amazon.com through 2023.
Chambers Street's portfolio includes some 127 properties across three continents and more than 40 markets (114 properties in the US, seven properties in the United Kingdom and six properties in Germany) as well as an investment with institutional partners in Asia that includes interests in eight properties located in China and Japan.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
