Grubb & Ellis Co. announced that H&R REIT, a Canadian real estate investment trust, has purchased a 2.2 million-square-foot industrial portfolio for $134.5 million.
The portfolio, which is 100 percent leased to Nestle USA, Inc., was sold by a Los Angeles-based private investment partnership.
The portfolio consists of three distribution buildings 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 properties, which were built in 1992 as distribution centers for Nestle, are located at:
- 800 Nestle Court, DeKalb, Ill. – 860,939 square feet
- 13600 Independence Parkway, Fort Worth, Texas – 524,252 square feet
- 1 Nestle Court, McDonough, Ga.– 782,565 square feet
Los Angeles-based Grubb & Ellis Co. represented H&R REIT in the transaction, while Philadelphia-based Corvest Realty Inc. represented the seller.
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