Tuesday, June 12, 2012

Industrial Income Trust Purchases Tolleson Distribution Center I

VIZZDA—June 12th, 2012 -- Industrial Income Trust (IIT)—a non-traded REIT administered by Black Creek Group in Denver, CO—has completed the acquisition of Tolleson Distribution Center I for $15,162,264 or $49.77 per square foot. The property consists of 304,668 square feet of industrial warehouse and distribution center on 13.96 acres at the southeast corner of I-10 and 99th Avenue. This is the second major industrial acquisition this quarter by IIT following their May 11th purchase of Riverside Industrial Complex for $131.662m, featured here

Prologis--an industrial REIT--through its managing director Michael Blair, previously acquired the property for $9.95m or $32.66 per square foot August 9th, 2011. At that time the facility was fully leased by Reckitt Benckiser, a European consumer goods manufacturer who has since vacated. Prior to Monday's sale, Prologis leased the space to TJ Maxx for an undisclosed amount.

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Paul Dionne
Research Analyst

Edward Moore
Research Analyst

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