Tempus Realty Partners has acquired three industrial properties scattered across a few different states for $29 million.
The portfolio can be found in Elkton, Maryland, Birmingham, Alabama, and Fond du Lac, Wisconsin. The properties collectively come out to 424,659 square feet on 36.84 acres.
The deal includes a value-added property and two sale-leasebacks. The specific lands acquired were not specified by the Arakansas-based real estate investment firm.
Micropore, Inc. and Action Printing are among the tenants occupying the properties in the portfolio.
“We are thrilled to acquire this portfolio, which includes three strategically located industrial properties,” Dan Andrews, CEO of Tempus, said.
“This acquisition aligns perfectly with our growth strategy and commitment to delivering high-quality assets to our investors.”
The purchase marks Tempus’ second portfolio addition of the year. In April, it announced the acquisition of three separate industrial properties in Knoxville, Tennessee; Lafayette, Indiana, and North Charleston, South Carolina. All of which, were executed through sale-leasebacks.
But recently, the industrial market has looked weak, according to a report from Avison Young. In the first half, national leasing was 15.3 percent below the five-year pre-Covid average. And positive absorption has plunged 43.9 percent from 2015-2020. However, Avison hints that there could be a “strong close” to the year, as supply in the construction pipeline continues to fall. In fact, it’s moving at a rapid rate not seen “since the aftermath of the Global Financial Crisis,” Avison said.