It could be good news for the tight industrial property market.
Real estate investment firm Black Creek Group is considering selling an industrial property REIT that could fetch up to $3.5 billion, including debt.
Industrial Property Trust is an untraded REIT with 240 properties, with a total of around 37.6 million square feet, according to Bloomberg. The properties – 96 percent of which are leased – are a mix of bulk warehouse use and “last mile” storage, and tenants include Amazon and Fed Ex.
The REIT’s projected net operating income for 2020 is roughly $181 million, according to documents reviewed by Bloomberg.
Black Creek is looking to either sell or recapitalize the REIT, an unnamed source told Bloomberg. The firm attempted a similar sale last year, but canceled it after other large warehouse portfolios hit the market.