St. Louis-based ElmTree Funds has announced new investments totaling $74.1 million. The assets include nine single-tenant healthcare, industrial and office properties across the Midwestern, Southeastern and Southwestern areas of the United States.
Eight of the nine buildings acquired are build-to-suit properties, and each is located in a different state. The assets consist of three industrial properties, four health-care properties and two office properties, and they collectively represent a total of 312,974 square feet. Each property is 100-percent leased and occupied.
At 116,824 square feet, the largest of the properties in the portfolio is an office development in Farmington Hills, Michigan. ElmTree worked directly with the tenant – Sumitomo Electric Wiring Systems, Inc. – to acquire a vacant building. Upon acquisition and lease execution, ElmTree oversaw a $7 million renovation to provide the tenant with a customized real estate asset built to suit its needs.