IPT Acquisitions LLC, a subsidiary of Denver, CO-based Industrial Property Trust, has entered into an agreement to acquire Corridor Industrial Center II, three industrial buildings totaling 429,000 square feet on 22 acres in the Baltimore / Washington D.C. market.
The purchase price is expected to be $27 million, exclusive of transfer taxes, due diligence expenses and other closing costs.
The sellers are CRP-3 BWIC I, LLC and CRP-3 BWIC II, LLC
The buildings are 98 percent leased to 15 customers with a weighted-average remaining lease term of 2.8 years. In general, the customers will be responsible for paying directly or reimbursing the landlord for the real estate taxes, insurance, and repair and maintenance costs of their respective properties.
The acquisition of Corridor Industrial Center II is expected to close during the third quarter of 2014.