John Murray, president and CEO of ILPT John Murray, president and CEO of ILPT

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NEWTON, MA—Locally-based Industrial Logistics Properties Trustreports it has closed on the 12th and final property included inits previously announced $680-million joint venture with an Asianinstitutional investor.

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The property is 100% leased to Amazon. The Asian investorcontributed approximately $26 million for the 12th property inaddition to the approximately $82 million contributed for theinitial 11 properties last month. The investor owns a 39% equityinterest in the joint venture and ILPT owns the remaining 61%equity interest in the joint venture.

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ILPT previously reported that the 12thproperty is located at 3350 Laurel Ridge Ave. in Ruskin, FL that isleased to Amazon.

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The joint venture also assumed approximately $57 million ofexisting secured debt on the 12th property in addition to $350million of secured debt on the initial 11 properties.

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John Murray, president and CEO of ILPT, stated, "We are pleasedto announce the closing of the 12th and final property included inour first joint venture transaction. With the current uncertainmarket conditions, we want to reaffirm with our stakeholders thatwe remain dedicated to executing on our business strategies to findopportunities for potential growth and value enhancement atILPT."

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The 12 industrial properties contain an aggregate 9.2 millionsquare feet and are located in nine states. As of Dec. 31, 2019,the properties were 100% leased for a weighted average remaininglease term (by annualized rental income) of 7.5 years.

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ILPT expects to use the proceeds from this transaction to reduceoutstanding borrowings under its $750-million unsecured revolvingcredit facility.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.