{"id":1004359085,"date":"2019-10-10T01:13:22","date_gmt":"2019-10-10T09:13:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004359085"},"modified":"2019-10-10T07:22:55","modified_gmt":"2019-10-10T15:22:55","slug":"wpt-industrial-closes-on-142m-in-logistics-deals","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/wpt-industrial-closes-on-142m-in-logistics-deals\/","title":{"rendered":"WPT Industrial Closes on $142M in Logistics Deals"},"content":{"rendered":"
\"\"<\/a>

440 Interstate W. Parkway. Image courtesy of WPT Industrial<\/i><\/p><\/div>\n

WPT Industrial Real Estate Investment Trust has closed on $142.3 million of logistics acquisitions totaling nearly 2 million square feet across the U.S. South and Midwest, adding to a flurry of industrial portfolio deals this year as investors clamor for the asset class.<\/p>\n

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READ ALSO:<\/strong> Q&A: Avoiding the Herd Mentality in Single-Tenant Industrial<\/a><\/p>\n

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The acquisitions by the Toronto Stock Exchange-listed REIT include a 505,000-square-foot distribution center nearby Nashville, Tenn., along with a 1.5 million-square-foot portfolio of four distribution facilities located near Atlanta, Memphis, Tenn., and Milwaukee. All the properties are 100 percent occupied, with a remaining weighted average lease term of 8.3 years, and the transactions have an average cap rate of 5.8 percent.<\/p>\n

The deals follow WPT Industrial\u2019s purchase of a $226 million infill logistics portfolio in the U.S. this past April. The newly closed transactions come on the heels of Nuveen Real Estate\u2019s announcement this week that it would acquire a portfolio<\/a> of more than 100 industrial assets valued at $3 billion from Blackstone.<\/p>\n

Scattered properties<\/h2>\n

The Tennessee property acquired by WPT Industrial is located at 1740 J.P. Hennessey Drive in La Vergne, southeast of downtown Nashville. The REIT scooped up the Class A asset<\/a> from a private investor for $33 million. Built in 1991, the facility originally served as a warehouse for Whirlpool.<\/p>\n

Separately, WPT Industrial has closed on a four-asset portfolio that includes two neighboring assets at 5201 and 5235 International Drive in Cudahy, Wis., outside Milwaukee. The properties measure 153,300 square feet and 147,213 square feet, respectively, and each was purchased for $12.9 million.<\/p>\n

The portfolio also includes 440 Interstate W. Parkway in Austell, Ga., outside Atlanta, a 780,575-square-foot facility that was purchased for $57.1 million, and 7437 Polk Lane in Olive Branch, Miss., across the state border from Memphis, Tenn. The 411,600-square-foot asset changed hands for $26.4 million.<\/p>\n

The REIT, which has a portfolio of approximately 75 industrial properties and one office asset in the U.S., also announced that a syndicate of underwriters led by Desjardins Capital Markets and RBC Capital Markets has agreed to purchase $85 million worth of units in the trust. The proceeds will be used to help fund the closing of the acquisitions and for future value-add and development investments.<\/p>\n

A flurry of portfolio deals<\/h2>\n

The U.S. industrial and logistics market remains healthy, with leasing activity bolstered not only by the continued growth of e-commerce but also by food and beverage and home improvement companies, according to a second-quarter market report<\/a> by CBRE. The asset class recorded a historically low vacancy rate of 4.3 percent.<\/p>\n

Investors have bagged a series of major portfolio deals over the course of the year. WPT Industrial in April closed on the acquisition of a bundle of 13 industrial buildings and three land parcels across the country for $226 million. The properties totaled 2.2 million square feet of gross leasable area across California, Florida, Illinois, Minnesota and Wisconsin.<\/p>\n

Blackstone dominated headlines in June by nearly doubling<\/a> its U.S. industrial footprint in a record-setting $18.7 billion deal with Global Logistic Properties. And last month, real estate investment trust Broadstone Net Lease picked up a portfolio<\/a> of 23 fully leased warehouse, distribution, manufacturing, cold storage and flex facilities totaling 6.9 million rentable square feet for about $735.7 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisitions are the latest in a series of portfolio deals by such investors as Nuveen Real Estate and Blackstone.<\/p>\n","protected":false},"author":744,"featured_media":1004359088,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,23891,21742],"tags":[33813,47366,39264,36483],"class_list":["post-1004359085","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-national","category-latest","tag-rbc-capital-markets","tag-the-desjardins-group","tag-whirlpool-corporation","tag-wpt-industrial"],"acf":[],"yoast_head":"\nWPT Industrial Closes on $142M in Logistics Deals - 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-on-142m-in-logistics-deals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WPT Industrial Closes on $142M in Logistics Deals\" \/>\n<meta property=\"og:description\" content=\"The acquisitions are the latest in a series of portfolio deals by such investors as Nuveen Real Estate and Blackstone.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/wpt-industrial-closes-on-142m-in-logistics-deals\/\" \/>\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=\"2019-10-10T09:13:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-10-10T15:22:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/440-Interstate-West-Parkway.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Greg Isaacson\" \/>\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-on-142m-in-logistics-deals\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wpt-industrial-closes-on-142m-in-logistics-deals\/\",\"name\":\"WPT Industrial Closes on $142M in Logistics Deals - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wpt-industrial-closes-on-142m-in-logistics-deals\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wpt-industrial-closes-on-142m-in-logistics-deals\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/440-Interstate-West-Parkway.jpg\",\"datePublished\":\"2019-10-10T09:13:22+00:00\",\"dateModified\":\"2019-10-10T15:22:55+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1a92010198045e41b0b801129a41b3d8\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wpt-industrial-closes-on-142m-in-logistics-deals\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/wpt-industrial-closes-on-142m-in-logistics-deals\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wpt-industrial-closes-on-142m-in-logistics-deals\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/440-Interstate-West-Parkway.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/440-Interstate-West-Parkway.jpg\",\"width\":800,\"height\":620,\"caption\":\"440 Interstate West Parkway. 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