{"id":1004561991,"date":"2021-12-28T04:21:53","date_gmt":"2021-12-28T12:21:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004561991"},"modified":"2022-12-08T16:02:23","modified_gmt":"2022-12-09T00:02:23","slug":"ilpt-closes-206m-disposition-of-6-assets","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ilpt-closes-206m-disposition-of-6-assets\/","title":{"rendered":"ILPT Closes $206M Disposition of 6 Assets"},"content":{"rendered":"<p>Industrial Logistics Properties Trust, of Newton, Mass., has agreed to sell six industrial properties to its existing joint venture with institutional investors for an aggregate price of approximately $206 million, the REIT announced Monday.<\/p>\n<p>The properties total 2.5 million square feet and are fully leased for a weighted average remaining lease term of 4.0 years. ILPT continues to own a 22 percent equity interest in the joint venture.<\/p>\n<div id=\"attachment_1004562005\" style=\"width: 1213px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/2373-Global-Drive-Columbus-Ohio.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004562005\" data-attachment-id=\"1004562005\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ilpt-closes-206m-disposition-of-6-assets\/2373-global-drive-columbus-ohio\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/2373-Global-Drive-Columbus-Ohio.png\" data-orig-size=\"1203,275\" 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=\"2373 Global Drive, Columbus, Ohio\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;2373 Global Drive, Columbus, Ohio. Image via Google Street View&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/2373-Global-Drive-Columbus-Ohio.png?w=1024\" class=\"wp-image-1004562005 size-full\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/2373-Global-Drive-Columbus-Ohio.png\" alt=\"2373 Global Drive, Columbus, Ohio\" width=\"1203\" height=\"275\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/2373-Global-Drive-Columbus-Ohio.png 1203w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/2373-Global-Drive-Columbus-Ohio.png?resize=300,69 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/2373-Global-Drive-Columbus-Ohio.png?resize=768,176 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/2373-Global-Drive-Columbus-Ohio.png?resize=1024,234 1024w\" sizes=\"auto, (max-width: 1203px) 100vw, 1203px\" \/><\/a><p id=\"caption-attachment-1004562005\" class=\"wp-caption-text\">2373 Global Drive, Columbus, Ohio. Image via Google Street View<\/p><\/div>\n<p>The joint venture plans to incur about $134 million of debt secured by the properties in early 2022, which will result in total net proceeds to ILPT of about $190 million. ILPT intends to use those proceeds and subsequent debt financing to reduce outstanding borrowings under its $750 million unsecured revolving credit facility.<\/p>\n<hr>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/breaking-news-ilpt-to-buy-monmouth-for-4b\/\">ILPT to Buy Monmouth for $4B<\/a><\/p>\n<hr>\n<p>The assets that contributed to the joint venture, with their respective tenants, are:<\/p>\n<ul>\n<li>2353 Global Drive, Columbus, Ohio; Expolanka USA Inc.<\/li>\n<li>2373 Global Drive, Columbus, Ohio; Expolanka USA Inc<\/li>\n<li>16920 W. Commerce Drive, Goodyear, Ariz.; Amazon.com Services Inc.<\/li>\n<li>6380 E Holmes Road, Memphis; Flextronics International<\/li>\n<li>481 Airport Industrial Drive, Southaven, Miss.; Bound Tree Medical, Bunzl, WPG Americas<\/li>\n<li>8474 Market Place Drive, Southaven, Miss.; StyleCraft Home Collection<\/li>\n<\/ul>\n<p>Expolanka is a Sri Lankan conglomerate and the owner of logistics company EFL.<\/p>\n<p>The joint venture is managed by The RMR Group, which also manages ILPT.<\/p>\n<p>ILPT\u2019s portfolio comprises more than 290 properties totaling about 36 million rentable square feet, leased to more than 260 tenants in 33 states.<\/p>\n<h2>Continuing growth<\/h2>\n<p>In a prepared statement, ILPT President &amp; CEO John Murray noted that this transaction will enable ILPT to raise efficient equity capital that will be used to reduce leverage and increase financing capacity to fund future growth plans. \u201cWith these assets, our joint venture now totals 11.7 million square feet across 18 properties in 12 states,\u201d he added.<\/p>\n<p>In January, ILPT <a href=\"https:\/\/www.commercialsearch.com\/news\/ilpt-enters-kansas-with-44m-industrial-purchase\/\">acquired a 645,000-square-foot distribution center<\/a> in Gardner, Kan., in metro Kansas City, from USAA Real Estate for $44 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Industrial Logistics Properties Trust has kept the properties in-house, selling them to its joint venture.<\/p>\n","protected":false},"author":882,"featured_media":1004562004,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,23891,21742],"tags":[47534,33461],"class_list":["post-1004561991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-national","category-latest","tag-industrial-logistics-properties-trust","tag-the-rmr-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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