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, N.J., for $28.8 million.

The lowest priced assets were the 141,423-square-foot facility at 1936 Amity St. in Newton, N.C., for $12.7 million and the 106,263-square-foot facility in Montreal.

The deal also comprises five properties under development with scheduled completion between August 2014 and February 2015, totaling 915,010 square feet.

Before making its first investments in the United States, the REIT acquired several industrial assets in Canada totaling $179.4 million in sales price in nine transactions. PIRET acquired the GTA Industrial Warehouses in Toronto for $65.2 million from IGRI Inc. It was the highest priced acquisition.

The second highest priced acquisition was a 627,731-square-foot industrial property in Caledon, Ontario. The sales price was $51.2 million. The property was part of a portfolio. The other assets in the portfolio are located across the province of Ontario, as well as one property in Calgary.

PIRET is a Canadian REIT that owns and operates a diversified portfolio of income-producing industrial properties in leading markets.