The REIT is spinning off part of its portfolio into a separate entity and selling the rest.
The central bank has paused its interest rate hikes, though its war on inflation is far from over.
The properties are nearly 100 percent occupied.
Veterans see opportunities for long-term success if the industry can weather the pain in the near term.
JLL Capital Markets represented the seller, Synovus Bank.
Upon completion, Glenstar’s development will feature 3.6 million square feet.
The industrial assets comprise 3 million square feet.
Apollo Global Management provided the financing.
Proceeds retire a maturing construction loan.
American Truck & Trailer sold the property in a sale-leaseback deal.