{"id":1004154900,"date":"2016-10-10T08:33:47","date_gmt":"2016-10-10T16:33:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004154900"},"modified":"2020-05-18T14:19:14","modified_gmt":"2020-05-18T22:19:14","slug":"wpt-industrial-closes-60m-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/wpt-industrial-closes-60m-deal\/","title":{"rendered":"WPT Industrial Closes $60M Deal"},"content":{"rendered":"

by Laura Calugar<\/p>\n

Minneapolis and Columbus<\/strong>\u2014WPT Industrial Real Estate Investment Trust<\/a> has agreed to acquire two new properties: one in the Twin Cities metropolitan area and the other one in the Columbus, Ohio, metropolitan area. The two industrial properties<\/a> will be purchased from third-party vendors for a total price of approximately $60 million, representing a blended going-in capitalization rate of approximately 6.9 percent.<\/p>\n

The Minnesota property is approximately 86 percent occupied and the Ohio property is entirely engaged. The purchase price will be satisfied with a combination of cash on hand and the assumption of a property level mortgage loan for the Minnesota property.<\/p>\n

\"Scott<\/a>

Scott Frederiksen, WPT Industrial REIT CEO<\/p><\/div>\n

Both properties consist of highly functional, modern, Class A, industrial buildings, well-positioned to attract and maintain quality tenancies in their respective markets and submarkets. Following closing of the transactions, the REIT is expected to release further property details.<\/p>\n

“We expect the Ohio property to be immediately accretive to the REIT’s AFFO per unit and the Minnesota property to be accretive to the REIT’s AFFO per unit upon stabilization. These high quality, functional properties complement the REIT’s existing portfolio and demonstrate our ability to source third-party acquisitions that can both immediately enhance unitholder value and provide opportunities for future growth,” Scott Frederiksen, WPT Industrial REIT CEO, said in a prepared statement.<\/p>\n

The transactions are expected to close in the fourth quarter of 2016.<\/p>\n

WPT Industrial LP indirectly owns a portfolio of properties consisting of approximately 14.8 million square feet of gross leasable area across 45 industrial properties and two office properties located in 12 states within the United States.<\/p>\n

Image courtesy of Realpac<\/a> <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

WPT Industrial REIT has announced agreements to acquire industrial properties in Minnesota and Ohio. <\/p>\n","protected":false},"author":238,"featured_media":1004154903,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1585,21743,21748,21783,13,36076,21742],"tags":[],"class_list":["post-1004154900","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-columbus","category-deals","category-industrial","category-investment","category-midwest","category-minneapolis-st-paul","category-latest"],"acf":[],"yoast_head":"\nWPT Industrial Closes $60M Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/wpt-industrial-closes-60m-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WPT Industrial Closes $60M Deal\" \/>\n<meta property=\"og:description\" content=\"WPT Industrial REIT has announced agreements to acquire industrial properties in Minnesota and Ohio.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/wpt-industrial-closes-60m-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-10-10T16:33:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-18T22:19:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/frederiksen.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"574\" \/>\n\t<meta property=\"og:image:height\" content=\"613\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Laura Valean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wpt-industrial-closes-60m-deal\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wpt-industrial-closes-60m-deal\/\",\"name\":\"WPT Industrial Closes $60M Deal - 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