{"id":1004503156,"date":"2021-01-08T05:17:54","date_gmt":"2021-01-08T13:17:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004503156"},"modified":"2021-01-08T05:17:54","modified_gmt":"2021-01-08T13:17:54","slug":"ilpt-enters-kansas-with-44m-industrial-purchase","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ilpt-enters-kansas-with-44m-industrial-purchase\/","title":{"rendered":"ILPT Enters Kansas With $44M Industrial Purchase"},"content":{"rendered":"<div id=\"attachment_1004503168\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004503168\" data-attachment-id=\"1004503168\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ilpt-enters-kansas-with-44m-industrial-purchase\/logistics-centre-image-by-falco-via-pixabay\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/Logistics-centre.-Image-by-falco-via-Pixabay.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Logistics centre. Image by falco via Pixabay\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/Logistics-centre.-Image-by-falco-via-Pixabay.jpg?w=800\" class=\"wp-image-1004503168 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/Logistics-centre.-Image-by-falco-via-Pixabay.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/Logistics-centre.-Image-by-falco-via-Pixabay.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/Logistics-centre.-Image-by-falco-via-Pixabay.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/Logistics-centre.-Image-by-falco-via-Pixabay.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004503168\" class=\"wp-caption-text\"><em>Image by falco via Pixabay<\/em><\/p><\/div>\n<p>Industrial Logistics Properties Trust has expanded its footprint into Kansas with the acquisition of a state-of-the-art net leased distribution center in metropolitan Kansas City. The REIT purchased the 645,000-square-foot building at 17001 W. Mercury St. in Gardner from USIR II &#8211; GARDNER LLC, an entity of USAA Real Estate, in a transaction valued at $44 million.<\/p>\n<p>With this acquisition, Newton, Mass.-based ILPT now has a presence in 32 states across the U.S. The REIT has been eager to bolster its portfolio, but the right opportunities have not exactly been plentiful over the last several months. &#8220;Strong performance of industrial real estate during this pandemic has continued to attract capital looking for deployment opportunities,&#8221; John Murray, CEO of Industrial Logistics Properties Trust, said during the company&#8217;s second quarter 2020 earnings conference call on July 29, 2020. &#8220;As such, competition has been strong and cap rates continue to hold steady, especially for newer, long-term leased credit tenant buildings, which ILPT targets for its portfolio.&#8221; With 17001 W. Mercury, ILPT emerged victorious.<\/p>\n<hr>\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/demand-for-modern-industrial-facilities-fuels-the-pipeline\/\">Demand for Modern Industrial Facilities Fuels the Pipeline<\/a><\/p>\n<hr>\n<p>Located roughly 30 miles southwest of downtown Kansas City, 17001 W. Mercury opened in 2018, having been developed by USAA and LS Commercial Real Estate as a build-to-suit for current tenant Excelligence Learning Corp. at a cost of $38 million. Excelligence occupies the fulfillment center under a long-term lease with approximately 12 years remaining.<\/p>\n<h2><strong>Room for Growth<\/strong><\/h2>\n<p>In addition to a steady income stream for the next decade-plus, 17001 W. Mercury offers ILPT upside potential; the 57-acre property includes land capable of accommodating future expansion.<\/p>\n<p>While ILPT has not committed to any development projects, a new addition to the site would likely be met with a warm reception. Industry experts expect the industrial sector to <a href=\"https:\/\/www.commercialsearch.com\/news\/industrial-data-centers-strongest-sectors-in-cbres-2021-forecast\/\">continue to perform well<\/a> across the U.S. in 2021, and the Greater Kansas City area\u2014of Kansas and neighboring Missouri less than five miles away\u2014is no exception. &#8220;Bulk Industrial demand remains high, with total vacancy near a 14-year low,&#8221; according to JLL&#8217;s 2021 Midwest industrial outlook report, and developers have broken ground on 5.8 million square feet of industrial space in 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The REIT purchased a 645,000-square-foot distribution center in Gardner from USAA Real Estate. <\/p>\n","protected":false},"author":969,"featured_media":1004503168,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21783,1592,13,21742],"tags":[47534,44930],"class_list":["post-1004503156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-investment","category-kansas-city","category-midwest","category-latest","tag-industrial-logistics-properties-trust","tag-usaa-real-estate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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