Industrial Logistics Properties Trust (ILPT) has agreed to buy 26 industrial properties with 12.9 million square feet in two transactions for a total of $905.3 million.
One portfolio consists of eight properties with 4.2 million square feet for an aggregate purchase price of $280.0 million and the other is a portfolio of 18 properties with 8.7 million square feet for an aggregate purchase price of $625.3 million. ILPT completed the acquisition of seven properties in the eight-property portfolio on Feb. 14, 2019. The acquisitions of the remaining properties in both portfolios are expected to occur by April 15, 2019.
Demand for industrial space has exceeded supply for nine consecutive years by an average of 94.1 million square feet, driving the vacancy rate to a historic low of 4.3 percent, according to CBRE.
The U.S. industrial real estate sector will continue to evolve in 2019 amid the integration of logistics and retail, concluded CBRE. Major markets with large
