Business News • MarketWire • Industrial Income Trust Inc. Announces Acquisition Activity |
Industrial Income Trust Inc. Announces Acquisition Activity |
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Industrial Income Trust Inc. Announces Acquisition Activity
DENVER, CO--(Marketwire - February 4, 2011) - Industrial Income Trust Inc. ("IIT"), an industrial real estate investment trust, announced today that on January 27, 2011, it completed the acquisition of an approximately 824,000 square foot distribution warehouse located in the Baltimore Port market of Hagerstown, Maryland. The purchase price was $41.2 million at an estimated purchase price cap rate of approximately 7.4%. The property is 100% leased to Home Depot U.S.A. Inc. ("Home Depot"), one of the largest multi-channel retailers in the world, through September 30, 2016, with annual rent escalations of approximately 2.5% to 2.7% and the tenant has two five-year extension options. Additionally, there is an option to develop 338,000 square feet of warehouse space on site for any expanding needs.
View More : http://www.marketwire.com/mw/release.do?id=1391014&sourceType=3
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