Real estate investment trust Industrial Property Trust (IPT) has acquired three buildings totalling 481,000 square feet for an aggregate purchase price of approximately USD38.1 million.
On 6 June, IPT acquired a single tenant distribution centre totalling 247,000 square feet located in Southern California for approximately USD20.0 million. This is IPT's first acquisition in the Southern California market. This property is 100 per cent leased to Bissell, a manufacturer of vacuum cleaners and floor care products.
On 20 June, IPT acquired a 71,000 square foot, single tenant distribution centre located in South Florida. This is IPT's second acquisition in the South Florida market. This property is 100 per cent leased to Woodfield Distribution, a third-party logistics provider specialising in pharmaceutical supply chain solutions for the healthcare industry.
On 30 June, IPT acquired a multi-tenant industrial centre totalling 163,000 square feet located in the Chicago market for approximately USD10.9 million. This marks IPT's first acquisition in the Chicago market. This property is 100 per cent leased to two customers: Ulta Salon, Cosmetics & Fragrance, and BarrierSafe Solutions International.
"The acquisition of these properties continues to grow IPT's presence in targeted supply-constrained markets as it builds a national operating platform in the industrial real estate sector," says Dwight Merriman, chief executive officer of IPT.