Industrial Property Trust Inc., an industrial real estate investment trust that owns and operates distribution warehouses throughout the United States, has acquired three buildings totaling 481,000 square feet, located across three major industrial markets nationwide for an aggregate purchase price of approximately $38.1 million.
On June 6, 2014, IPT acquired a single tenant distribution center totaling 247,000 square feet located in Southern California for approximately $20.0 million. This is IPT’s first acquisition in the Southern California market. This property is 100% leased to Bissell Inc., a leading manufacturer of vacuum cleaners and floor care products.
On June 20, 2014, IPT acquired a 71,000 square foot, single tenant distribution center located in South Florida. This is IPT’s second acquisition in the South Florida market. This property is 100% leased to Woodfield Distribution, LLC, a third-party logistics provider specializing in pharmaceutical supply chain solutions for the healthcare industry.
On June 30, 2014, IPT acquired a multi-tenant industrial center totaling 163,000 square feet located in the Chicago market for approximately $10.9 million. This marks IPT’s first acquisition in the Chicago market. This property is 100% leased to two customers: Ulta Salon, Cosmetics & Fragrance, Inc., a beauty retailer that provides one-stop shopping for prestige, mass and salon products and salon services, and BarrierSafe Solutions International, Inc., an innovator and manufacturer of personal protective equipment.
As of June 30, 2014, IPT had acquired seven buildings totaling 812,000 square feet in five major industrial markets for an aggregate purchase price of approximately $65.5 million.
