Pure Industrial acquires 11 properties for $235m
Pure Industrial Real Estate Trust, a Canadian REIT, has purchased 11 light industrial properties from Scannell Properties for approximately $235 million. The deal marks PIRET’s strategic entry into the United States.
The portfolio consists of 11 critical-use ground distribution facilities totaling more than 1.9 million square feet leased entirely to FedEx Ground.
The portfolio comprises 10 properties in the United States and one property located in Montreal. The U.S. markets include Austin; Barrington, N.J.; Baton Rouge, La.; Dover, N.J.; Milan, Ill.; Newton, N.C.; San Antonio; Walnut, Calif.; Wheeling, Ill.; and West Palm Beach, Fla.
The highest priced assets were the 211,495-square-foot facility at 200 Old Ranch Road in Walnut, Calif., for $32.3 million, and the 171, 907-square-foot facility at 1 Commerce Center Dr., Dover,