KTR Capital Partners (“KTR”) has announced that an affiliate closed on the acquisition of a 7.8 million-square-foot portfolio comprised of 18 buildings across five major US industrial markets: Central New Jersey, Chicago, Dallas, Atlanta and Columbus. A majority of the buildings have been built since 2000 and feature 30′ or greater clear ceiling height and T-5 lighting; all of the assets have ESFR sprinklers systems. When the purchase agreement was signed in October, the portfolio was approximately 72 percent occupied. Since then KTR has completed over 900,000 square feet of leases bringing the total occupancy to 84 percent.
John DiCola, partner at KTR, stated in a release, “The portfolio is characterized by modern, class A buildings concentrated in highly sought after institutional investment markets where similar premium quality assets rarely trade. Swiftly completing the transaction in a direct off-market fashion was a big achievement.
“Operationally the portfolio is well balanced. The in-place cash flow is stable with an average lease term remaining of over six years, while the vacant spaces are highly functional. Based on the positive leasing activity we have already experienced, we expect to stabilize the remainder of the portfolio ahead of plan.”