Newly launched REIT acquires 113-property U.S. Postal Service portfolio

Postal Realty Trust has entered into several definitive agreements with affiliated sellers to acquire a 113-property portfolio of U.S. Postal Service (USPS) properties for approximately $31 million.

The portfolio comprises approximately 270,000 square feet.

Andrew Spodek, Postal Realty Trust, Inc.’s CEO commented, “We are excited that upon the completion of this transaction, we will have grown our property count by approximately 50 percent since our IPO in May 2019. We are particularly encouraged by this specific transaction as it demonstrates our ability to effectively underwrite and perform due diligence on a large portfolio quickly and efficiently. We are also pleased that we will be able to utilize our OP units as consideration for the benefit of the seller and the company. We anticipate that the success of this transaction will encourage other USPS owners to consider selling properties to Postal Realty. Furthermore, this transaction is illustrative of our ability to consolidate a highly accretive asset class while creating value for both the property sellers and all of our shareholders.”

The transaction is expected to close by the end of the year.