Transwestern sells multistate industrial portfolio
Transwestern Investment Group has sold 21 property, multistate industrial portfolio on behalf of its discretionary investment funds, Income Fund I and TSP Value.
An institutional foreign buyer bought the assets that encompass 3.5 million square feet of logistics facilities.
A Cushman & Wakefield team of James Carpenter, Adam Tyler and Mike Tenteris provided disposition services in the transaction.
Scott Fitzgerald, Transwestern Investment Group’s executive managing director, said, “This deal represented the opportunity to acquire a large portfolio of infill, highly functional industrial assets across five healthy markets.”
He added, “We had stabilized the rent rolls and increased portfolio net operating income by renewing the majority of the tenant base in the first three years of ownership. That, coupled with the increased demand for infill industrial product, led us to explore an early monetization of the investment.”
Located in Illinois, Ohio, Indiana and Kentucky, the properties range from small bay to large distribution warehouses. For instance, 2000 Conner Road in hberon, Ky is a two building complex with light industrial zoning.
All of the properties are located in infill areas within their respective markets. These locations are important to a tenant base which requires a large, stable labor force. Four of the buildings are in Chicago, Chicago, two in Cincinnati, a dozen in Columbus, Ohio, two are located in Indianapolis and one building is in Louisville, Ky. Also, at the time of the sale, the portfolio was 91 percent occupied.
Source: CP Executive
Fulya Altunyay/ [email protected]