March 25, 2019
Toronto-based Dream Industrial REIT acquired a 3.5-million-square-foot industrial portfolio in five cities across the Midwest from Transwestern Investment Group (TIG) for $179.1 million, representing a going-in cap rate of 6%. The 21 logistics facilities are located in Illinois, Ohio, Indiana and Kentucky.
The portfolio includes four buildings in Chicago, two buildings in Cincinnati, 12 buildings in Columbus, OH, two buildings in Indianapolis, and one building in Louisville. TIG added significant value to the 91%-occupied portfolio by completing capital improvements, increasing the weighted average lease term, and raising the net operating income by nearly 20% during its ownership. The portfolio encompasses small bay to large distribution facilities, and includes single-tenant and multi-tenant buildings.
Cushman & Wakefield’s James Carpenter, Adam Tyler and Mike Tenteris provided disposition services.
For comments, questions or concerns, please contact Dennis Kaiser