WPT Industrial REIT Enters Memphis’s Industrial Market with $86.25M Purchase
- Mar 02, 2015
WPT Industrial Real Estate Investment Trust just made a big splash in Memphis. The Toronto-based company recently acquired an industrial portfolio consisting of six distribution facilities for $86.25 million.
Totaling more than 2.3 million square feet, the six facilities are:
- Eastpark I— cross-dock distribution facility; 888,262 square feet; 100 percent leased.
- Eastpark II—c ross-dock distribution facility; 338,000 square feet; 100 percent leased.
- Chickasaw A—rear-load distribution facility; 108,250 square feet; 100 percent leased.
- Chickasaw H—rear-load distribution facility; 283, 756 square feet; 100 percent leased.
- Southpoint IV—side/rear-load distribution facility; 60,000 square feet; 100 percent leased
- Southpoint XIX—cross-dock distribution facility; 684, 750 square feet; 100 percent leased.
The deal was partially financed through the net proceeds of the REIT’s completed bought-deal offering of Trust Units and through a new $51.75 million property-level mortgage debt with an interest rate of 2.87 percent.
“This acquisition marks our entry into the Memphis market and further strengthens and diversifies the REIT’s overall property portfolio,” said Scott Frederiksen, WPT Industrial’s CEO, in a statement. “These six class A, institutional-quality distribution facilities are modern, highly-functional buildings, and the Memphis industrial market is one of the most important industrial centers in the US and consistently attracts a full-spectrum of high quality companies.”