DALLAS, Sept. 20, 2023 /PRNewswire/ — GID, a real estate owner and fiduciary that invests in multiple asset classes, has announced the acquisitions of three separate properties, all purchased in August: 3-9 Timber Court in Chicago, Route 3 Industrial in Boston, and 8230 Sandy Court and 1000 Hampton Park Boulevard, a two-property portfolio located in the Baltimore/Washington Corridor.
Route 3 Industrial is a five-building, multi-tenant industrial park located in the Boston suburb of Weymouth, MA totaling 247,620+ sq ft. The property is divided into 43 suites and contains a total of 86 dock high and 18 drive-in doors with an average Clear Height of 21 ft.
Conveniently located in the I-55 Corridor, 3-9 Timber Court is a 320,700+ sq ft property that is currently 100% leased to three tenants with a 2.1-year Weighted Average Lease Term (WALT) remaining with in-place rents that are 35% below current market rents.
8230 Sandy Court and 1000 Hampton Park Boulevard are located within two premier institutional industrial parks in top-tier submarkets that feature vacancies of less than 3.1%, offering ease of access to several major interstates and highways providing reachability to the approximately 10 million consumers within the Baltimore-Washington region. The 100% leased portfolio was purchased with a WALT of 3.4 years and in-place rents 22% below current market rents in supply-constrained industrial markets. These two properties add over 280,420 sq ft to GID’s growing portfolio.
“We continue to execute our strategy of constructing a high quality, infill, multi-tenant portfolio in top markets with varying demand drivers and strong prospects for growth,” says Michael Wenaas, Co-head and Chief Investment Officer, GID Industrial.
To learn more about GID Industrial, visit www.gid.com/invest/industrial/.
GID is a leading real estate investment and management firm that operates a diverse portfolio of multifamily, industrial, and mixed-use developments across the United States. With over 60 years of experience across multiple asset classes, GID is an established real estate private equity investor and fiduciary supported by an integrated operating platform with approximately 54,000 multifamily units and over 25M square feet of industrial and commercial space of assets under management. The company also operates a credit platform that aims to provide commercial real estate debt solutions for institutional borrowers.
With corporate offices in Atlanta, Boston, Dallas, New York City, and San Francisco, GID employs over 1,200 real estate professionals and operates an expansive portfolio of existing and under-development properties valued at over $30.11 billion as of June 2023.
1Assets Under Management is calculated in compliance with the definition for Assets Under Management (“AUM”) prescribed in INREV’s Global Definitions Database.
SOURCE GID Real Estate
Originally published at https://www.prnewswire.com/news-releases/gid-announces-three-acquisitions-totaling-over-848-700-sq-ft-of-industrial-properties-in-chicago-boston-and-the-baltimorewashington-corridor-301933661.html
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