KCB Real Estate acquired Project Commerce, a portfolio of three mission-critical industrial assets made up of two distribution/warehouse facilities in Bowling Green, Kentucky, and a flex-warehouse facility in Eden Prairie, Minnesota.
The purchase price is not disclosed for the 740,000-square-foot property portfolio.
The Pasadena, California-based firm, which acquires assets ranging from core real estate to niche properties such as healthcare, has executed 15 acquisition transactions valued at nearly $190 million in the past 12 months.
The distribution warehouses at Bowling Green are positioned strategically because of their proximity to multiple major interstates, regional rail lines and a large distribution hub comprised of roughly 20 million rentable square feet of industrial properties with 1% vacancy. The flex-warehouse facility, where the tenant is headquartered, is ideally positioned within the Golden Triangle, one of the most desirable markets for office and industrial space in Minneapolis.
The tenant is a public company. The lease includes several features that serve to reduce risk.
The Bowling Green facilities were built in 1990 and 2017, while the Eden Prairie facility was built in 1982. The properties have multiple loading docks and the facilities at Bowling Green include state-of-the-art automated warehouse management systems.
