Industrial Logistics Properties Trust Sells 6 Properties to Joint Venture
Posted on 12/28/2021
Industrial Logistics Properties Trust (Nasdaq: ILPT) announced that it has entered into an agreement to add six industrial properties to its existing joint venture with institutional investors for an aggregate price of approximately $206 million. The properties are 100% leased for a weighted average remaining lease term (by annualized rental income) of 4.0 years and total 2.5 million square feet. ILPT continues to own a 22% equity interest in the joint venture and the joint venture plans to incur approximately $134 million of debt secured by the properties in early 2022, which will result in total net proceeds to ILPT of approximately $190 million. ILPT plans to use the net proceeds from the sale and subsequent debt financing to reduce outstanding borrowings under its $750 million unsecured revolving credit facility.
Property and Tenant
2353 Global Drive, Columbus, OH: Expolanka USA Inc.
2373 Global Drive, Columbus, OH: Expolanka USA Inc
16920 West Commerce Drive, Goodyear, AZ: Amazon.com Services Inc.
6380 E Holmes Road, Memphis, TN: Flextronics International
481 Airport Industrial Drive, Southaven, MS: Bound Tree Medical, Bunzl, WPG Americas
8474 Market Place Drive, Southaven, MS: StyleCraft Home Collection
The joint venture is managed by The RMR Group (Nasdaq: RMR), which also manages ILPT. RMR provides property management services nationwide for nearly 1,300 properties with approximately 91 million square feet of office, industrial, medical office, life science and retail space.