Industrial Property Trust Goes on $632 Million Buying Spree During 4Q15
Industrial Property Trust Inc., an industrial real estate investment trust that owns and operates distribution warehouses throughout the United States, acquired 62 industrial buildings during the fourth quarter of 2015 for an aggregate purchase price of approximately $632.7 million. The properties total 7.3 million square feet, and are located in 14 markets throughout the United States.
“During the fourth quarter, we continued to expand our presence in our top tier, supply-constrained markets, and we entered into certain targeted secondary markets with a growing and/or large demographic base,” said Dwight Merriman, chief executive officer of IPT. “We continue to progress towards building a high quality, national industrial operating platform, and are benefiting from strong property and market-level fundamentals.”
The REIT completed two transactions in October 2015, including two industrial buildings comprising 277,000 square feet for a total of approximately $24.8 million. These buildings are located in the New Jersey and Salt Lake City markets.
In November 2015, the company completed five transactions, including 10 industrial buildings in the Seattle / Tacoma, Dallas, Pennsylvania, Southern California, and Cincinnati markets comprising 1.4 million square feet for an aggregate purchase price of approximately $88.0 million. This includes one building totaling 141,000 square feet acquired through its ownership interest in a joint venture partnership.
December 2015 was Industrial Property Trust’s largest month of acquisition activity since inception. The REIT completed 12 transactions, including 50 industrial buildings aggregating 5.6 million square feet in the Dallas, Southern California, Indianapolis, Chicago, Atlanta, Pennsylvania, Phoenix, Central Valley, San Francisco Bay, and Houston markets for a combined purchase price of approximately $519.9 million. This includes one building totaling 271,000 square feet acquired through IPT’s ownership interest in a joint venture partnership.
Industrial Property Trust is focused on acquiring and operating distribution warehouses that are leased to corporate customers. It targets markets that have high barriers to entry, proximity to a large demographic base, and/or access to major distribution hubs. As of December 31, 2015, the REIT had acquired, either directly or through its ownership interest in a joint venture partnership, 153 industrial buildings totaling 20.6 million square feet in 19 markets throughout the U.S. for an aggregate purchase price of approximately $1.6 billion.
