St. Louis-based ElmTree Net Lease Fund II recently purchased five single-tenant net lease investment properties — including one in Minnesota and another in Indiana — totaling $105.2 million. All properties are currently occupied under, or have commitments for, 10- to 15-year lease agreements.
Among the acquisitions were three build-to-suit properties, including a 306,406-square-foot, build-to-suit industrial facility in Lafayette, Ind. Upon completion, the property, which sits on 53.47 acres, will be leased to General Electric Company and will house subsidiary GE Aviation. This facility will be the seventh GE Aviation facility in the United States in the past seven years.
The second build-to-suit acquired by ElmTree is a 175,000-square-foot warehouse/office located on the 12-acre Tyco Electronics campus in Shakopee, Minn. The project will consist of about 20,000 square feet of warehouse space, 35,000 square feet of lab space and 120,000 square feet of office space. It will be leased to ADC Telecommunications, Inc., a communications company that was acquired by Tyco Electronics in 2010.