St. Louis-based ElmTree Funds has bought five assets for $275 million on behalf of its flagship fund, ElmTree U.S. Net Lease Fund IV.
The recent acquisitions include 1.5 million square feet of Class-A logistics and office assets, each of which is fully leased to an investment-grade client on a long-term basis.
ElmTree Funds launched its flagship fund in July of 2020 with a strategy of investing in the top MSAs in the United States, focusing on industrial assets leased to credit tenants on a long-term basis. Since the fund’s initial close in October of 2021, ElmTree has remained active in the market.
The new acquisitions feature an average in-place weighted lease term of more than 11 years, a weighted average credit rating of BBB and are in some of what ElmTree believes are the nation’s most desirable markets, including Tennesee, North Carolina and Texas.
