A subsidiary of Industrial Property Trust Inc. has entered into an agreement to acquire a 100% fee interest in the Medley Distribution Center, one industrial building on 2.1 acres in the South Florida market totaling 41,000 square feet.
The seller was ProLogis-A4 FL I LLC. The building is 100% leased to one customer with a remaining lease term of 3.1 years.
The total aggregate purchase price is expected to be approximately $4.1 million, exclusive of transfer taxes, due diligence expenses, and other closing costs.
The acquisition of the Medley Distribution Center is expected to close during the second quarter of 2014. The consummation of the acquisition is subject to the Company’s completion of due diligence and various closing conditions to be met by the parties.