Pure Industrial Real Estate Trust has acquired over $73 million industrial assets in Fort Worth, the Vancouver-based firm announced Dec. 18.
The trust has also acquired other assets in Georgia and Canada.
In Fort Worth, the trust has completed the acquisition of Riverbend West Distribution Center, a 301,500-square-foot, Class A, cross-dock, 32-foot clear height distribution center in Fort Worth for a purchase price of approximately $25 million, representing a stabilized capitalization rate of approximately 5.2 percent.
According to the news release, the asset is located in the well-established East Fort Worth industrial node that is within close proximity to the Dallas Fort Worth International Airport and major highways. The asset is currently 86 percent leased two investment-grade tenants with a weighted average lease term of 8.1 years. The remaining 41,324 square feet of space is currently being marketed for lease. An earn-out structure exists with the seller to lease the vacant space to a prospective tenant over a set time period, which could result in a stabilized capitalization rate of 5.1 percent.
The Fort Worth I Acquisition was funded with existing cash on hand and proceeds from the trust’s unsecured line of credit.
The second Fort Worth acquisition is of a brand new, state-of-the-art, 657,043 square foot, 36-foot clear height distribution center in Fort Worth for a purchase price of approximately $48 million, representing a stabilized capitalization rate of approximately 5.2 percent.
The asset is located in the prominent North Fort Worth industrial submarket with exceptional access to regional transportation networks. The asset is currently 75 percent leased to a large national apparel company on a 10.5-year lease term. The remaining vacant space is being actively marketed, and should a lease deal be completed by closing (subject to the trust’s approval), a promote structure exists whereby the stabilized capitalization rate will be 4.8 percent.
• The Fort Worth II Acquisition is expected to be funded with existing cash on hand and proceeds from thetTrust’s unsecured line of credit and will close on August 30, 2018.
• Other assets acquired include:
• $36.5 million acquisition of a core asset in McDonough, Georgia;
• C$32.5 million agreement to acquire a core asset in Montreal, Quebec;
• C$14.9 million disposition of a non-core asset in Etobicoke, Ontario;
• C$5.9 million disposition of a non-core asset in Vaughan, Ontario; and
• C$1.9 million disposition of a non-core asset in Winnipeg, Manitoba.
Additional information about the Trust is available at www.piret.ca or www.sedar.com.