Industrial Income Trust Inc., based in Denver, has entered into two definitive agreements to acquire the Bell Gardens Industrial Park and the Portland Industrial Portfolio, which together are comprised of 16 industrial properties aggregating approximately 738,000 square feet. The sellers are Funds V and VI of The Realty Associates Funds, respectively.
Bell Gardens consists of three institutional quality warehouse / distribution buildings aggregating approximately 263,000 square feet on 11.5 acres, located in the Bell Gardens submarket of Los Angeles County, California. The Bell Gardens buildings are 100% leased to five local and regional industrial tenants. The total approximate purchase price for Bell Gardens is $15.5 million.
Portland consists of 13 industrial buildings aggregating approximately 475,000 square feet on 29.9 acres, located in the Northeast submarket of Portland, Oregon. The Portland buildings are approximately 96% leased to 19 diverse tenants. The total approximate purchase price for Portland is $28.0.
The Bell Gardens and Portland acquisitions are expected to close later during the third quarter of 2010.
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Comments
For your edification - The portfolio cannot be "comprised of". Proper grammar would be "comprises" or "consists of". Check dictionary.com for details.
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