H&R REIT, a Canadian real estate investment trust, recently purchased a 2.2 million-square-foot, class A industrial portfolio for $134.5 million.
The tri-state portfolio, which was 100 percent leased to Nestle USA Inc. at the time of sale, was sold by a Los Angeles-based private investment partnership.
The portfolio consists of three distribution buildings totaling 2,167,765 square feet on 276.6 acres located in Dekalb, Ill. (Chicago submarket); Dallas-Fort Worth, (Alliance submarket); and McDonough, Ga. (Atlanta submarket).
The portfolio is leased to Nestle through Dec. 31, 2011.
The addresses and sizes of the properties, which were built in 1992 as distribution centers for Nestle, are:
- 800 Nestle Court, DeKalb County, Ill., 860,939 square feet
- 13600 Independence Parkway, Fort Worth, Texas, 524,252 square feet
- 1 Nestle Court, McDonough, Ga., 782,565 square feet
Grubb & Ellis and Corvest Realty Inc. represented the buyer and the seller in the transaction.
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