Welsh Buys Midwest Distribution Sites for $99M

CHICAGO—Welsh Property Trust has purchased a five-building distribution center portfolio from KTR Capital Partners for $99.5 million.

The buildings total more than 2.7 million sq. ft., and are 94-percent leased to six tenants. The properties are located in Chicago, Indianapolis, Cincinnati, and Columbus, Ohio. Each of the five buildings was constructed between 2006 and 2007 as single-tenant facilities.

John Huguenard, international director and Peter Harwood, executive vice president with Jones Lang LaSalle represented the seller in the deal. The executives say each building has access to rail and distribution hubs. “This offering represented a rare opportunity for Welsh Property Trust to acquire five debt-free, newer built industrial facilities in one transaction – one that will allow them to complement their existing portfolio and provide an immediate presence in primary distribution markets,” says Huguenard.

The portfolio includes the 150,000-sq.-ft. 535 Shingle Oak Drive in West Chicago, Ill. leased to McCollister’s Transportation System Inc.; the 526,200-sq.-ft. 1105 East Northfield Drive in Brownsburg, Ind. Leased to Krunchers Kettle Cooked Potato Chips, and LifeScience Logistics; the 543,512-sq.-ft. 40 Logistics Boulevard in Walton, Ky. Leased to GSI Commerce Solutions; the 754,000-sq.-ft. 6766 Pontius Road in Groveport, Ohio, leased to Honeywell International and the 737,471-sq.-ft. 3051 Creekside Parkway in Obetz, Ohio, leased to Zulily

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