Business
Industrial Logistics Properties Trust Acquires Industrial Building in Kansas City, KS for $44 Million
NEWTON, Mass.--(BUSINESS WIRE)-- Industrial Logistics Properties Trust (Nasdaq: ILPT) announced the acquisition of a net leased Class A industrial building
About this update from Industrial Logistics Properties Trust
[{"type":"text","content":" NEWTON, Mass.--(BUSINESS WIRE)--\nIndustrial Logistics Properties Trust (Nasdaq: ILPT) announced the acquisition of a net leased Class A industrial building in Kansas City, Kansas for a purchase price of $44.0 million, excluding acquisition related costs. The building is situated on 57 acres located at 17001 West Mercury Street and consists of approximately 645,000 rentable square feet. This single tenant property is 100% leased and has a remaining lease term of approximately 12 years. The purchase price represents a 6.5% capitalization rate.\n\nJohn Murray, President and Chief Executive Officer of ILPT, made the following statement:\n\n“We are pleased to add this modern distribution facility to ILPT’s high quality portfolio of industrial and logistics assets. The property was constructed in 2018, is well located with access to convenient transportation infrastructure and includes developable land to support future growth and expansion. This acquisition expands ILPT’s geographic diversification into another top 20 U.S. industrial market, the largest and fastest growing submarket in Kansas City.”\n\nAbout Industrial Logistics Properties Trust\n\nIndustrial Logistics Properties Trust is a real estate investment trust, or REIT, that owns and leases industrial and logistics properties throughout the United States. As of September 30, 2020, ILPT owned 301 properties with 43.8 million rentable square feet which are approximately 98.8% leased to 264 different tenants with a weighted average remaining lease term of approximately 9.0 years.\n\nWarning Concerning Forward-Looking Statements\n\nThis press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever ILPT uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, ILPT is making forward-looking statements. These forward-looking statements are based upon ILPT’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by ILPT’s forward-looking statements as a result of various factors. Forward-looking statements involve kn...