Industrial Property Trust Agrees to Pay $189M for 15-Building California Portfolio

A subsidiary of Industrial Property Trust Inc. has entered into an agreement to acquire the Golden State Industrial Portfolio, 15 industrial buildings totaling 1.4 million square feet on approximately 81.5 acres in the San Francisco Bay Area, Southern California, and Central Valley, California markets.

The total purchase price is expected to be approximately $189.0 million, exclusive of transfer taxes, due diligence expenses, and other closing costs. The acquisition is expected to close during the fourth quarter of 2015.

The portfolio is 100 percent occupied by 40 customers. The group of sellers includes LBA/MET Partners I-Company II, LLC, LBA/MET Partners I-Company III, LLC, LBA/MET Partners I-Company V, LLC and LBA/MET Partners I-Company IX, LLC.

LBA Realty is a full service real estate investment and management company with a portfolio of office and industrial properties in major markets throughout the western United States.