Industrial Property Trust Agrees to Acquire O’Hare Distribution Center for $27.1M

industrial property trustIPT O’Hare DC LLC, a subsidiary of Denver, CO-based Industrial Property Trust Inc., has entered into an agreement to acquire a 100 percent fee interest in the O’Hare Distribution Center, an industrial building in the Chicago market totaling approximately 249,000 square feet on 23.8 acres.

The building is 100 percent leased to one customer with a remaining lease term of 4.3 years.

The total purchase price is expected to be approximately $27.1 million, exclusive of transfer taxes, due diligence expenses, and other closing costs.

The acquisition of the O’Hare Distribution Center is expected to close during the third quarter of 2014.