Besides being at $33 per sf, half of the properties being acquired are less than five years old, Mullen notes. "It's a great package," he adds.
Contracts should be signed "within the next few days," Mullen says in this week's earnings conference call. "We need to go through due diligence before it's completed," Mullen says, adding the deal is with a private seller. "It's someone the firm has known for 20 years."
The company, the largest industrial property owner in the market, already acquired 2.25 million sf for $170 million during the first three quarters. This month's closing with Prime Group Realty Trust added 3.4 million sf, at a cost of $98 million.
Meanwhile, more than half of CenterPoint Properties Trust's $235-million sales volume for the first nine months of the year came in 15 deals in the third quarter. The REIT is in negotiations with two buyers on another $180 million in sales, which could close this year or the first quarter of 2005. An out-of-state, Section 1031 Exchange buyer acquired 10 of the properties in the third quarter while local investors bought the other five, Mullen adds.
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