{"id":1004182426,"date":"2017-06-29T06:58:13","date_gmt":"2017-06-29T14:58:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004182426"},"modified":"2022-12-08T04:27:47","modified_gmt":"2022-12-08T12:27:47","slug":"wpt-industrial-goes-on-96m-shopping-spree","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/wpt-industrial-goes-on-96m-shopping-spree\/","title":{"rendered":"WPT Industrial Goes on $96M Shopping Spree"},"content":{"rendered":"

By Keith Loria<\/em><\/p>\n

\"Scott<\/a>

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

WPT Industrial Real Estate Investment Trust has agreements in the works to acquire two separate distribution properties<\/a> for a total of $96.4 million. One asset is located in the Portland, Oregon, metro area and one in the Houston, Texas, metro area.<\/p>\n

\u201cThese contemplated acquisitions reflect our commitment to continued growth and diversification of the REIT,\u201d <\/em>Scott Frederiksen, WPT\u2019s CEO, said in a prepared release. \u201cUpon closing, these acquisitions represent a strategic expansion into two new target markets and demonstrate the REIT’s ability to source attractive opportunities in today\u2019s market.\u201d<\/em><\/p>\n

Because the deals are not officially closed, Frederiksen declined further comment.<\/p>\n

Once all closing conditions have been satisfied, including the waiver of diligence conditions, the acquisition of the Portland property is expected to be finished on or about the first week of July, while the acquisition of the Houston property is forecast to be completed on or about the first week of August.<\/p>\n

Property details<\/h2>\n

Both properties are highly-functional, modern, Class A buildings located in highly-desirable submarkets. Combined, the two properties offer approximately 903,154 square feet of gross leasable area. Both are being acquired free and clear of existing debt financing.<\/p>\n

Together, the properties have an occupancy rate of 93.7 percent and have experienced annual rent increases of 2.5 percent. The buildings have an average clear height of 31.3 feet and an average building age of 3.5 years. The weighted average remaining lease term is 7.4 years.<\/p>\n

The Portland property\u2019s purchase price will be initially satisfied using a draw down from the REIT\u2019s revolving credit facility, while the acquisition price for the Houston property will be satisfied using a combination of proceeds from an equity offering and a draw down from the REIT\u2019s revolving credit facility.<\/p>\n

The REIT has been formed to own and operate an institutional-quality portfolio of primarily industrial properties located in the U.S., and focuses primarily on warehouse and distribution industrial real estate. WPT Industrial LP indirectly owns a portfolio of properties consisting of approximately 15.6 million square feet of gross leasable area, comprising 47 industrial properties and two office properties located within 12 states.<\/p>\n","protected":false},"excerpt":{"rendered":"

The REIT has agreed to acquire two distribution centers in Oregon and Texas. Combined, the properties offer more than 903,000 square feet of gross leasable space. <\/p>\n","protected":false},"author":451,"featured_media":1004182428,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,1589,21748,21783,21742,28440,15],"tags":[36483],"class_list":["post-1004182426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-houston","category-industrial","category-investment","category-latest","category-portland","category-west","tag-wpt-industrial"],"acf":[],"yoast_head":"\nWPT Industrial Goes on $96M Shopping Spree - 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-goes-on-96m-shopping-spree\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WPT Industrial Goes on $96M Shopping Spree\" \/>\n<meta property=\"og:description\" content=\"The REIT has agreed to acquire two distribution centers in Oregon and Texas. 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