IGF Investment Grade Fund I Buys AT&T Leased Property
IGF Investment Grade Fund I LP, a private real estate investment fund, purchased a 5,000-square-foot property leased to AT&T Wireless in Lake Charles, Louisiana for approximately $3 million.
Located at 419 Prien Lake Road in Lake Charles, the building was constructed in early 2016 and is fully leased for 10 years to AT&T Wireless. The property is situated across a retail dense area serves as the shopping hub to the southwest Louisiana metro area, which covers a population of nearly 300,000.
“As we continue to grow our portfolio of investment grade rated tenants in areas with strong demographic and economic growth, this acquisition demonstrates our continued strategy of purchasing single tenant properties leased to high quality, necessity based businesses,” said real estate and acquisitions manager, Gene McKnight.
Lake Charles, the sole metropolitan area in southwest Louisiana, has a population of approximately 78,000 and is home to the port of Lake Charles, the 11th largest port in the country.
Due to the increasing number of construction projects underway and pending energy projects, the Southwest Louisiana Economic Development Alliance anticipates an estimated 25,000 new construction jobs and 20,000 new permanent jobs will be added to the area.
IGF Investment Grade Fund I is a single tenant, net leased real estate investment fund.
