AMB Property Buys Portfolio

It's near airports.
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Industrial real estate operator

AMB Property

(AMB)

, said Thursday that it acquired a 2.1 million square foot portfolio consisting of 25 airfreight buildings.

This acquisition expands the company's market presence at three U.S. international airports: Seattle-Tacoma International Airport; Dallas Fort Worth International Airport; and George Bush Intercontinental Airport in Houston.

The modern air-freight facilities included in the acquisition are located within a 1.5-mile radius of the respective international airports and complement AMB's existing portfolios of distribution facilities in each of the three markets.

As part of the transaction, AMB acquired 131 acres of airport-adjacent developable land: 59 acres in Houston capable of supporting up to 812,000 square feet of future development, and 72 acres in Atlanta that are being held for sale.

The purchase price includes the assumption of $68 million of debt and includes the issuance of $64 million in operating partnership units in AMB Property II, priced at $56.32 an unit.

The company's shares were trading up 15 cents at $57.98 Thursday.

This story was created through a joint venture between TheStreet.com and IRIS.