STAG Has Four Industrial Deals in Contract for $65M

BOSTON—Locally-based REIT STAG Industrial Inc., reports that after closing two acquisition deals in December, it has four industrial buildings under contract for a purchase price of $65.3 million.

The REIT that is focused on the acquisition and operation of single-tenant, industrial properties across the United States, also reports that included in the acquisitions under contract are three build-to-suit transactions totaling approximately $31 million, which are scheduled to close in the second quarter of 2015. The company has also executed non-binding letters of intent to acquire five additional industrial buildings for $74.2 million. STAG in its announcement did not divulge locations of the properties under contract or those subject to non-binding letters of intent.

In December, STAG acquired two industrial buildings, consisting of one distribution warehouse building and one light manufacturing building containing a total of 411,140 square feet, for approximately $13.5 million. The acquired buildings are a 185,000-square-foot building in the Houston-Sugar Land-Baytown, TX area that was purchased for $7.1 million and a 226,140-square-foot building in Spartanburg, SC for $6.4 million. Both buildings are 100% occupied.

For the year ended Dec. 31, 2014, STAG acquired 43 industrial buildings consisting of approximately 9.3 million square feet for $429.1 million.

In terms of leasing, STAG reports it executed leases for 1.9 million square feet in its portfolio in December. For the year ended Dec. 31, 2014, STAG executed leases for approximately 6 million square feet consisting of 5.1 million square feet of renewal leases and 865,000 square feet of new and expansion leases.