ElmTree acquires $300m in assets

ElmTree Funds has acquired six assets in transactions totaling $300 million.

The assets include six single-tenant industrial, healthcare and office properties in Michigan, Missouri, South Carolina and Alabama. The assets consist of three office properties, two industrial properties and one healthcareproperty, and they collectively represent more than 2 million square feet. Each property is fully leased, and five of the six buildings acquired are build-to-suit properties.

At 375,466 square feet, one of the highlights of the new acquisitions is a build-to-suit industrial development in Valley, Ala., which is leased to WestRock Co.

Another highlight is a 1.2 million-square-foot build-to-suit industrial property located in the Southwest, which is leased to a confidential investment-grade tenant.

The other assets include:

• 210,126-square-foot office property in Greenville, S.C. leased to Jacobs Engineering Group
• 115,000-square-foot build-to-suit office property in Detroit, Mich., leased to Hella KGaA Hueck & Co.
• 100,000-square-foot build-to-suit office property in Detroit, Mich., leased to Tenneco
• 15,720-square-foot build-to-suit healthcare property in Kansas City, Mo., leased to Baxalta