DENVER—Industrial Property Trust Inc., saysthat during June, it acquired three buildings totaling481,000 square feet, located across three majorindustrial markets nationwide for an aggregate purchase price ofapproximately $38.1 million.

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On June 6, IPT acquired a single tenant distributioncenter totaling 247,000 square feetlocated in Southern California for approximately$20.0 million. This is IPT's first acquisition inthe Southern California market. This property is 100%leased to Bissell Inc., a leadingmanufacturer of vacuum cleaners and floor care products.

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On June 20, IPT acquired a 71,000 square foot,single tenant distribution center located in SouthFlorida. This is IPT's second acquisition in the SouthFlorida market. This property is 100% leased toWoodfield Distribution, LLC, a third-partylogistics provider specializing in pharmaceutical supply chainsolutions for the healthcare industry.

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On June 30, IPT acquired a multi-tenant industrial centertotaling 163,000 square feet located in theChicago market for approximately $10.9 million.This marks IPT's first acquisition in the Chicago market. Thisproperty is 100% leased to two customers:Ulta Salon, Cosmetics & Fragrance,Inc., a beauty retailer that provides one-stop shoppingfor prestige, mass and salon products and salon services, andBarrierSafe Solutions International, Inc., aninnovator and manufacturer of personal protective equipment.

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"The acquisition of these properties continues to grow IPT'spresence in targeted supply-constrained markets as it builds anational operating platform in the industrial real estate sector,"said Dwight Merriman, CEO of IPT.

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As of June 30, IPT had acquired seven buildings totaling812,000 square feet in five major industrialmarkets for an aggregate purchase price of approximately$65.5 million.

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IPT is focused on acquiring and operating high-qualitydistribution warehouses that are leased to corporate customers.IPT's core strategy is to build a national platform of high-qualityindustrial properties by targeting markets that have high barriersto entry, proximity to a large demographic base, and / or access tomajor distribution hubs.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.