The JV scored this industrial asset, in a German distribution hub, for $79M.

KOBLENZ, GERMANY—New begets new as a brand new industrial site here, fully leased to a new-age industrial tenant, gains a new owner. Chambers Street Properties, based in Princeton, NJ, has purchased a 1-million-square-foot warehouse distribution center here. has learned, exclusively, that the price was just north of $79 million in an all-cash deal.

The REIT, formerly CB Richard Ellis Realty Trust, closed on its acquisition of the asset in joint venture with the Goodman Group.

The JV was established to develop a portfolio of industrial assets stemming from Goodman’s own development pipeline in Europe and the UK. The asset, which is located in a city that’s the hub of industrial transportation in Germany, is leased on a triple net basis to through 2023.

Chambers Street’s portfolio includes some 127 properties across three continents and more than 40 markets (114 properties in the US, seven properties in the United Kingdom and six properties in Germany) as well as an investment with institutional partners in Asia that includes interests in eight properties located in China and Japan.