Industrial Property Trust Commits $43M to Properties in Dallas, San Francisco, Atlanta

Denver-based Industrial Property Trust has committed $43 million to three industrial buildings in the Dallas, San Francisco and Atlanta markets.

On August 5, 2014, the company entered into an agreement to acquire an industrial building totaling 345,000 square feet in the Dallas market. The building will be developed and constructed by the seller. Industrial Property Trust is expected to acquire it, subject to certain terms and conditions, upon completion, which is expected in the third quarter of 2015.

The total purchase price is expected to be $16.9 million, exclusive of transfer taxes, due diligence expenses, and other closing costs. The Company deposited $0.4 million into an escrow account upon execution of the purchase agreement and is expected to deposit up to $4.2 million, in aggregate, at certain development and construction milestones but prior to completion and closing. There can be no assurance that the construction of the building will be completed.

On July 29, 2014, the company entered into a purchase agreement to acquire an industrial building totaling approximately 245,000 square feet in the San Francisco Bay Area market. This building is 100% leased to two customers with a remaining lease term (based on square feet) of 1.1 years.

The total purchase price is expected to be $18.4 million, exclusive of transfer taxes, due diligence expenses, and other closing costs. In connection with the execution of the purchase agreement, the Company deposited $0.5 million into an escrow account. This acquisition is expected to close during the third quarter of 2014, but there can be no assurance the acquisition will be completed.

On July 25, 2014, the company entered into a purchase agreement to acquire one industrial building totaling approximately 138,000 square feet located in the Atlanta market. This building is currently un-occupied, but is 100% leased to one customer with a lease term of 10.5 years, expected to commence by January 2015.

The total purchase price is expected to be $7.7 million, exclusive of transfer taxes, due diligence expenses, and other closing costs. In connection with the execution of the purchase agreement, the Company deposited $0.2 million into an escrow account. This acquisition is expected to close during the third quarter of 2014, but there can be no assurance the acquisition will be completed.