Pure Industrial Real Estate Trust Provides Update on U.S. Development Projects

Pure Industrial Real Estate Trust  announced the completion of a previously announced purpose-built 199,865 square foot high-volume distribution centre located in Austin, Texas.
 
The Austin property is part of an 11 property portfolio that was previously announced on June 18, 2014. The portfolio comprises over 1.9 million square feet and was acquired for an aggregate purchase price of approximately US$221 million and is leased entirely to a multi-national ground package courier company. The property will generate US$1,616,961 in annual Net Operating Income.
 
The Austin Texas property was completed on schedule. The tenant has taken occupancy of the space and rent commenced on January 15, 2015. Of the 11 properties previously announced in June 2014, 9 are now fully operational.
 
City / State or Province
GLA (sq. ft.)
Year Built
Lease Expiration
Income Producing Properties
 
City of Industry, CA
211,495
2007
Jun-2022
West Palm Beach, FL
119,165
2007
May-2025
Newton, NC
141,432
2010
Aug-2023
Barrington, NJ
196,227
2006
May-2021
Dover, NJ
171,907
2010
Jun-2024
Montreal, QC
106,263
2007
Aug-2024
Rock Island, IL
189,926
Nov-2014
Oct-2024
Wheeling, IL (redevelopment)
147,082
Aug-2014
Jul-2024
Austin, TX
199,865
Jan-2015
Jan-2025
Total Income Producing
1,483,362
4.7 Years
8.9 Years
Properties Under Development
 
Baton Rouge, LA
175,374
Feb-2015
Jan-2025
San Antonio, TX
202,763
Feb-2015
Jan-2025
Total Under Development
378,137
--
10 Years
Total Portfolio
1,861,499
3.7 Years
9.1 Years
 
 
Two properties located in Baton Rouge Louisiana and San Antonio Texas, remain under development, and are on schedule to be completed in February 2015.
 

on January 26, 2015