{"id":1004555480,"date":"2021-10-25T04:14:18","date_gmt":"2021-10-25T12:14:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004555480"},"modified":"2022-12-08T23:08:49","modified_gmt":"2022-12-09T07:08:49","slug":"ascendas-to-acquire-logistics-portfolio-for-156m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ascendas-to-acquire-logistics-portfolio-for-156m\/","title":{"rendered":"Ascendas to Acquire Logistics Portfolio for $156M"},"content":{"rendered":"
\"\"<\/a>

Airworld 1. Image courtesy of Ascendas Real Estate Investment Trust<\/p><\/div>\n

Ascendas Real Estate Investment Trust, of Singapore, intends to acquire a portfolio of 11 last-mile logistics properties in metro Kansas City, for $156 million, the REIT\u2019s manager, Ascendas Funds Management (S) Ltd., announced.<\/p>\n

The potential sellers are ColFin 2017-11 Industrial Owner LLC and ColFin Cobalt I-II Owner LLC, evidently affiliates of Colony Capital Investment Advisors LLC.<\/p>\n

\n

READ ALSO<\/strong>: How the Supply Chain Crisis Impacts Industrial Real Estate<\/a><\/p>\n

\n

In a prepared statement, William Tay, executive director & CEO of Ascendas Funds Management, noted that this acquisition, which totals about 2.2 million square feet, represents the REIT\u2019s \u201cfirst entry into the U.S. logistics market and is complementary to Ascendas REIT\u2019s existing logistics portfolio.\u201d<\/p>\n

He emphasized the strong market fundamentals for distribution assets and Kansas City\u2019s central location and well-developed transportation infrastructure.<\/p>\n

The 11 properties are clustered in Johnson County, Kan., along I-35; in eastern Jackson County, Mo.; and in the Northland submarket, near Kansas City International Airport.<\/p>\n

\"Lackman<\/a>

Lackman Business Center 1. Image courtesy of Ascendas Real Estate Investment Trust<\/p><\/div>\n

The properties range from 73,200 to 348,000 square feet and reportedly are well suited for the typical space demand in these infill locations.<\/p>\n

The portfolio is 92.6 percent occupied by 27 tenants from diverse industries, including third-party logistics, wholesale distribution, manufacturing and health care. No single tenant contributes more than 10 percent of the total rental income. The current leases also have built-in annual rent escalations of between 2.5 and 3.0 percent.<\/p>\n

Ascendas touted the portfolio\u2019s strong retention rate; the current tenants have been in place for an average of 12.5 years.<\/p>\n

Heartland stability<\/h2>\n

Steady demand and positive net absorption are giving the Kansas City metro\u2019s industrial space market low overall vacancy and rising rents, according to a third-quarter report from JLL. \u201cVacancy remains historically low at 4.3 percent and even with 8 million square feet of product under construction, current demand will ensure vacancy remains stable and rents continue to rise.\u201d<\/p>\n

In April, Scannell Properties started on a 157-acre, $100 million Class A industrial project<\/a> in Bonner Springs, Kan. When completed, Compass 70 Logistics will have three buildings and total 2 million square feet.<\/p>\n

Also in April, Sealy & Co. acquired the 210,500-square-foot Lone Elm Commerce Center<\/a> in Olathe, Kan., in an off-market purchase from the developer, Heise-Meyer LLC.<\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction marks the company\u2019s entry into the U.S. industrial market. <\/p>\n","protected":false},"author":882,"featured_media":1004555495,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,1592,13,21742],"tags":[47693,33283,32796],"class_list":["post-1004555480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-kansas-city","category-midwest","category-latest","tag-ascendas-real-estate-investment-trust","tag-colony-capital-inc","tag-jll"],"acf":[],"yoast_head":"\nAscendas to Acquire Logistics Portfolio for $156M - 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\/ascendas-to-acquire-logistics-portfolio-for-156m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ascendas to Acquire Logistics Portfolio for $156M\" \/>\n<meta property=\"og:description\" content=\"The transaction marks the company\u2019s entry into the U.S. industrial market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ascendas-to-acquire-logistics-portfolio-for-156m\/\" \/>\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=\"2021-10-25T12:14:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T07:08:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/Airworld-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"821\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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\/ascendas-to-acquire-logistics-portfolio-for-156m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ascendas-to-acquire-logistics-portfolio-for-156m\/\",\"name\":\"Ascendas to Acquire Logistics Portfolio for $156M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ascendas-to-acquire-logistics-portfolio-for-156m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ascendas-to-acquire-logistics-portfolio-for-156m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/Airworld-1.jpg\",\"datePublished\":\"2021-10-25T12:14:18+00:00\",\"dateModified\":\"2022-12-09T07:08:49+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ascendas-to-acquire-logistics-portfolio-for-156m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/ascendas-to-acquire-logistics-portfolio-for-156m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ascendas-to-acquire-logistics-portfolio-for-156m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/Airworld-1.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/Airworld-1.jpg\",\"width\":821,\"height\":600,\"caption\":\"Airworld 1. 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