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Chambers Street Properties (NYSE:CSG), a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, today announced the acquisition of a single tenant warehouse/distribution property in Indianapolis, Indiana for approximately $30.2 million.
“This high-quality industrial property, in an excellent location adjacent to Indianapolis International Airport with convenient access to several interstate highways and rail transportation, is another example of our ability to source accretive acquisitions that advance our strategy,” said Philip L. Kianka, Executive Vice President and Chief Operating Officer, Chambers Street. “Having a long-term lease in place with a solid tenant makes this acquisition an exceptional addition to our portfolio,” he added.
445 Airtech Parkway is a 622,440 square foot warehouse/distribution property, built in 2013 and located in Plainfield, Indiana, a sub-market of Indianapolis that is one of the Midwest’s key distribution hubs. The property, which features 32-foot clear height and 60 truck doors with knockout panels for future expansion, is fully leased on a long-term, triple-net basis to a nationwide manufacturer of pet products. The acquisition includes an adjacent land parcel suitable for up to a 227,000 square foot expansion of the building.
In addition to the recent acquisition, the Company sold two multi-tenant properties — a warehouse/distribution property in Utah and an office property in Chicago — for approximately $26.9 million.
About Chambers Street Properties (NYSE:CSG)
Chambers Street Properties is a net lease real estate investment trust that focuses on acquiring, owning and operating high-quality industrial and office properties leased to a diversified mix of creditworthy tenants across a range of industries.
As of September 30, 2013, Chambers Street owned or had a majority interest in 131 properties located across 22 U.S. states, Germany, and the United Kingdom encompassing approximately 34.5 million rentable square feet.
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