Industrial Logistics Properties Trust (ILPT), real estate investment trust company, has acquired and industrial property portfolios for $905.3 million in total, excluding acquisition related costs.
One of the portfolios are located in the Indianapolis and Cincinnati market areas and includes eight properties. The purchase price of the portfolio was $280.0 million in total, excluding acquisition related costs, representing a GAAP capitalization rate of 6.0%. All properties are in this portfolio leased to 10 tenants.
The other portfolio was purchased from affiliates of Cole Office & Industrial REIT (CCIT II), Inc. from $625 million and consists of 18 properties. All the properties are leased to 13 tenants and located in 12 states with an aggregate of approximately 8.7 million square feet.
ILPT is funding these industrial property acquisitions with cash on hand from its recent $650 million mortgage financing and by drawing on its $750 million revolving credit facility.