{"id":1004190036,"date":"2017-09-11T03:56:54","date_gmt":"2017-09-11T11:56:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004190036"},"modified":"2022-12-08T09:17:05","modified_gmt":"2022-12-08T17:17:05","slug":"wpt-industrial-expands-to-pa","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/wpt-industrial-expands-to-pa\/","title":{"rendered":"WPT Industrial Expands to PA"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Scott<\/a>

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

WPT Industrial REIT is in motion to acquire an approximately 936,000-square-foot distribution property within Pennsylvania\u2019s Lehigh Valley, from a third-party seller, for approximately $74.3 million.<\/p>\n

The exact name or location of the distribution center was not disclosed, but the property is currently 100 percent leased to two tenants. The deal is expected to be complete in the third quarter this year.<\/p>\n

\u201cOur focus is on high function logistic and distribution space in the U.S.,\u201d <\/em>Scott Frederiksen, WPT\u2019s CEO, told Commercial Property Executive. \u201cOur target markets are the top 25 distribution markets in the U.S., and we\u2019re now in about half of those. The Lehigh Valley is the distribution corridor to New York, Philadelphia and D.C., and it\u2019s a market we always wanted to have a presence in.\u201d<\/em><\/p>\n

While this is WPT Industrial REIT\u2019s first foray into the market, it\u2019s one that it expects to add additional properties to over time.<\/p>\n

\u201cThis building was a unique opportunity and it checks all the boxes for us,\u201d <\/em>Frederiksen said. \u201cOur first rule is we want hyper functional rectangles. We want ground zero locations. We like it when they are leased to high-quality tenants and we like to be in at a good basis in the real estate.\u201d<\/em><\/p>\n

Expansion capabilities<\/h2>\n

Another attribute that was attractive was the building has expansion capabilities and WPT Industrial REIT will make a decision on when if might do that, once it officially closes on the building.<\/p>\n

According to Frederiksen, the acquisition is expected to be immediately accretive to the REIT\u2019s AFFO per unit, and demonstrates the REIT\u2019s continued ability to source high-quality, accretive acquisitions while also expanding into new target markets, like the Lehigh Valley.<\/p>\n

Less than a year ago, WPT Industrial REIT acquired industrial properties<\/a> in Minnesota and Ohio for $60 million.<\/p>\n

WPT Industrial LP indirectly owns a portfolio of 49 industrial assets and one office property across 13 states, totaling 16.4 million square feet of gross leasable space.<\/p>\n

\u201cOther than location, I think it\u2019s a perfect fit with the rest of the buildings in our portfolio,\u201d <\/em>Frederiksen said. \u201cIt\u2019s exactly what we look for when we buy real estate and the location is phenomenal so we\u2019re excited about it.\u201d <\/em><\/p>\n

Image courtesy of WPT Industrial REIT<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The REIT is in the process of acquiring a 936,000-square-foot Class A property in the Lehigh Valley, the distribution corridor to New York, Philadelphia and D.C.<\/p>\n","protected":false},"author":451,"featured_media":1004190043,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,21742,10,1494],"tags":[36483],"class_list":["post-1004190036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-latest","category-northeast","category-philadelphia","tag-wpt-industrial"],"acf":[],"yoast_head":"\nWPT Industrial Expands to PA - 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-expands-to-pa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WPT Industrial Expands to PA\" \/>\n<meta property=\"og:description\" content=\"The REIT is in the process of acquiring a 936,000-square-foot Class A property in the Lehigh Valley, the distribution corridor to New York, Philadelphia and D.C.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/wpt-industrial-expands-to-pa\/\" \/>\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=\"2017-09-11T11:56:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T17:17:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Scott-Frederiksen.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\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-expands-to-pa\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wpt-industrial-expands-to-pa\/\",\"name\":\"WPT Industrial Expands to PA - 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