December 3, 2019 Comments (0) Views: 277 National News, New York, Northeast

Postal Realty Trust Bulks Up with 113-Property Buy

Postal Realty Trust (PSTL) closed on the remaining 91 properties of the 113-property U.S. Postal Service Portfolio acquisition announced on Oct. 7. The Cedarhurst, NY-based REIT paid $31.4 million for the portfolio, which aggregates agreements with several affiliated sellers, and totals approximately 270,000 leasable square feet.

“We anticipate that the success of this transaction will encourage other USPS owners to consider selling properties to Postal Realty,” PSTL CEO Andrew Spodek said in October.

Following completion of the portfolio deal, PSTL owns 457 properties in 44 states, comprising approximately 1.4 million net leasable interior square feet and generating a weighted average rent of $9.54 per square foot. All of the properties are leased to the Postal Service.

Year to date, the company has acquired 186 properties for $51.8 million, excluding closing costs. These total approximately 500,000 net lease interior square feet. PSTL held its initial public offering this past May.

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