Global Net Lease Acquires Romulus, MI, Cold Storage Distribution Facility
With the closing of this acquisition, GNL has closed 18 acquisitions for $393 million this year.
ROMULUS, MI—Global Net Lease, a real estate investment trust focused on the acquisition and management of industrial and office properties leased long-term to high quality corporate tenants in select markets in the United States and Europe, has closed on the previously announced acquisition of a newly constructed cold storage distribution facility in Romulus, MI, that is leased to a national logistics provider.
The tenant, whom GNL did not identify, provides supply chain management and logistics services, such as freight brokerage services, distribution center management, lead logistics, dedicated carriage and supply chain consulting. The parent of the tenant employs people across four continents and holds a Standard & Poor’s credit rating of “BBB” and a Moody’s credit rating of “Baa2.”
This newly constructed class A distribution facility measures 606,000 square feet and serves as a distribution and cold storage facility. It includes a freezer, standard cooler, cold dock, dry warehouse and office/maintenance space. The facility contains 105 exterior truck doors and 17 electronically operated “Rapid-Rise” overhead doors. The building is leased to a national logistics provider for a lease term of ten years that includes annual rent escalators.
With the closing of this acquisition, GNL has closed 18 acquisitions for $393 million this year. GNL funded this transaction with a mortgage loan and cash on hand.
“We are pleased to add to GNL’s portfolio this class A cold storage distribution facility leased long term to a nationally recognized credit,” says James Nelson, chief executive officer of GNL. “This important acquisition meets GNL’s key investment objectives and the triple net leased property serves a critical function for the tenant.”