ST. LOUIS—ElmTree Funds, which was launched in St. Louis in 2011, recently closed on ElmTree Net Lease Fund II, its sixth net lease private equity fund, and it just completed the acquisition of five single-tenant net lease investment properties, totaling $90.3 million. All of the properties are either currently occupied under, or have commitments for, 10- to 15-year lease agreements.
As reported in GlobeSt.com, ElmTree typically invests in single tenant, investment-grade net lease real estate assets, sale leasebacks, and build-to suits with tenant lease terms of 10 to 15 years. Company officials say ElmTree Net Lease Fund II will eventually acquire a billion dollars of net lease assets.
Among the acquisitions is a 34.4-acre industrial property in Fort Wayne, IN. BAE Systems Controls, a subsidiary of BAE Systems plc, will lease the property and use it as a light assembly and warehousing facility. The build-to-suit project will consist of the development and construction of an approximately 333,750-square-foot manufacturing building. BAE Systems has operated in Fort Wayne since the mid-1980s. The company will use the plant, scheduled to be completed in late 2015, to build electronic controls for aircraft engines.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
