Industrial Logistics Properties Trust (ILPT) has acquired a net leased Class A industrial building in Kansas City, Kansas for $44 million, excluding acquisition related costs.
This single tenant property is 100% leased and has a remaining lease term of approximately 12 years. The purchase price represents a 6.5% capitalization rate.
The Class A industrial building in Kansas City is situated on 57 acres located at 17001 West Mercury Street and consists of approximately 645,000 rentable square feet.
“We are pleased to add this modern distribution facility to ILPT’s high quality portfolio of industrial and logistics assets. The property was constructed in 2018, is well located with access to convenient transportation infrastructure and includes developable land to support future growth and expansion. This acquisition expands ILPT’s geographic diversification into another top 20 U.S. industrial market, the largest and fastest growing submarket in Kansas City,” said John Murray, President and Chief Executive Officer of ILPT.