One of the Chicago properties.

TORONTO, CANADA—Locally-based Dream Industrial REIT will be acquiring a portfolio of 21 logistics facilities across the US Midwest for $179.1 million, or $51 per square foot, which is below the estimated replacement cost of $71 per square foot. The purchase price represents a going-in cap rate of 6%. A recent vacancy of approximately 300,000 square feet in a Louisville facility brought down the cap rate a bit but Dream Industrial says that once it is leased up, it expects to cap rate to increase to 6.5%.

The portfolio, located in Chicago, Cincinnati, Columbus, Indianapolis, and Louisville, totals 3.5 million square feet. It consists of a mix of single-tenant assets and multi-tenant facilities that range from small bay to large distribution facilities.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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