Industrial

At closing, the venture will acquire an initial portfolio of assets of approximately 6.9 million square feet of operating properties and 371 acres of land from Prologis' balance sheet with a commitment to build out the existing land bank.

The largest transaction—a $165-million non-recourse mortgage loan—is collateralized by 85 assets owned by subsidiaries of SMTA and leased to Shopko that are held outside of the company's Master Trust.

This was Detroit's 30th consecutive quarter of positive absorption and the vacancy rate stayed below two percent, at 1.93%, for the third consecutive quarter.

A wide array of companies have added major distribution facilities to the metroplex during the past year, and many investors are taking notice and responding accordingly in transactions large and small.

The executive director of the Queens Economic Development Corporation in an EXCLUSIVE GlobeSt.com interview previews the RealShare New York session on urban logistics facilities.

Demand has focused on large-box industrial product, but the stability of the economy is now fueling the expansion of smaller companies in need of smaller industrial spaces.

The deal, inclusive of assumed debt, calculated out to an initial cap rate of 7.5% and an average GAAP cap rate of 8% and brings the company's portfolio in the Detroit area to a total approaching 1 million square feet.

"This acquisition continues the expansion of our nationwide industrial portfolio, which seeks to secure strong, income-oriented returns at this mature stage of the current real estate cycle,” says Brodie Ruland, ASB senior vice president and Northeast region head.