Transaction activity continues in the industrial sector
Despite the COVID-19 pandemic and economic slowdown, industrial transaction activity has remained one of the few bright spots. There have been various large industrial portfolio acquisitions this year, and tenant demand remained strong in U.S. industrial markets, with three consecutive quarters of positive absorption in excess of 45 million square feet, bringing the year-to-date total to 159 million square feet — nearly on par with the 160 million square feet reported in third quarter 2019, according to Cushman & Wakefield.
Nuveen Global Investments recently purchased six warehouses totaling 3.5 million square feet for $272 million. The sellers were McCraney Property and Northwestern Mutual. The sale is considered one the largest industrial portfolio transactions in the Southeast this year. Four of the properties are located in central Florida and comprise about 2 million square feet. The properties are the County Line Logistics Center in Plant City, Park 27 in Davenpor