By Keith Loria, Contributing Editor
IndCor Properties, Inc., acquired a 7 million-square-foot portfolio of industrial properties located in the key markets of Reno, Las Vegas, Chicago and Southern California.
Eastdil Secured brokered the transaction.
“We have strategically increased our presence in these key markets with Class A infill assets,” Tim Beaudin, IndCor’s president & CEO, said in a company release. “We have seen strong leasing fundamentals in these areas, and have expanded our portfolio accordingly, with a specific focus on the Nevada area.”
The acquisition includes 2.4 million square feet in Reno and an additional 2.3 million square feet in Las Vegas. IndCor also acquired 1.6 million square feet in Chicago and 650,000 square feet in Southern California.
With the deal, IndCor increased its total square footage owned and managed to more than 107 million square feet located in more than 40 key logistics markets in 24 states.
At the beginning of 2013, Beaudin said in a company release that IndCor would continue being aggressive in acquisitions and that trend looks to continue in 2014 with this deal.
“The one thing you will see change is IndCor take the lead on doing some one-off acquisitions in the range of $25 million to $75 million,” he said.