Pure Industrial Real Estate Trust Provides Update on U.S. De
VANCOUVER, Jan. 26, 2015 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) announced today the completion of a previously announced purpose-built 199,865 square foot high-volume distribution centre located in Austin, Texas.
The Austin property is part of an 11 property portfolio that was previously announced on June 18, 2014. The portfolio comprises over 1.9 million square feet and was acquired for an aggregate purchase price of approximately US$221 million and is leased entirely to a multi-national ground package courier company. The property will generate US$1,616,961 in annual Net Operating Income.
The Austin Texas property was completed on schedule. The tenant has taken occupancy of the space and rent commenced on January 15, 2015. Of the 11 properties previously announced in June 2014, 9 are now fully operational.
|
City / State or Province
|
GLA (sq. ft.)
|
Year Built
|
Lease Expiration
|
|
Income Producing Properties
|
|
|
City of Industry, CA
|
211,495
|
2007
|
Jun-2022
|
|
West Palm Beach, FL
|
119,165
|
2007
|
May-2025
|
|
Newton, NC
|
141,432
|
2010
|
Aug-2023
|
|
Barrington, NJ
|
196,227
|
2006
|
May-2021
|
|
Dover, NJ
|
171,907
|
2010
|
Jun-2024
|
|
Montreal, QC
|
106,263
|
2007
|
Aug-2024
|
|
Rock Island, IL
|
189,926
|
Nov-2014
|
Oct-2024
|
|
Wheeling, IL (redevelopment)
|
147,082
|
Aug-2014
|
Jul-2024
|
|
Austin, TX
|
199,865
|
Jan-2015
|
Jan-2025
|
|
Total Income Producing
|
1,483,362
|
4.7 Years
|
8.9 Years
|
|
Properties Under Development
|
|
|
Baton Rouge, LA
|
175,374
|
Feb-2015
|
Jan-2025
|
|
San Antonio, TX
|
202,763
|
Feb-2015
|
Jan-2025
|
|
Total Under Development
|
378,137
|
--
|
10 Years
|
|
Total Portfolio
|
1,861,499
|
3.7 Years
|
9.1 Years
|
Two properties located in Baton Rouge Louisiana and San Antonio Texas, remain under development, and are on schedule to be completed in February 2015.
About Pure Industrial Real Estate Trust
PIRET is an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in leading markets. PIRET is an internally managed REIT that focuses exclusively on investing in industrial properties.
Additional information about PIRET is available at www.piret.ca or www.sedar.com.
TSX – AAR.UN
THE TORONTOSTOCK EXCHANGE HAS NOT REVIEWED NOR APPROVED THE CONTENTS OF THIS PRESS RELEASE AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
SOURCE Pure Industrial Real Estate Trust (PIRET)
Image with caption: "Photo: Exterior view of PIRET's recently completed distribution facility located in Austin, Texas. The tenant is FedEx Ground. (CNW Group/Pure Industrial Real Estate Trust (PIRET))". Image available at: https://photos.newswire.ca/images/download/20150126_C4945_PHOTO_EN_11532.jpg
Image with caption: "Photo: Interior view of PIRET's recently completed distribution facility located in Austin, Texas. The tenant is FedEx Ground. (CNW Group/Pure Industrial Real Estate Trust (PIRET))". Image available at: https://photos.newswire.ca/images/download/20150126_C4945_PHOTO_EN_11533.jpg