Local Logistics Property Fetches $38M

AURORA, CO—Germany-based Union Investment Real Estate GmbH has sold a logistics property here to a fund managed by US-based Stoltz Real Estate Partners for $37.5 million. The building, which contains 38,100 square meters of rental space and was part of the portfolio of open-ended real estate fund Unilmmo: Global, is occupied by Whirlpool Corp. as the sole tenant. The sale price exceeded the most recent expert valuation. Union intends to reinvest the sale proceeds in the Americas, focusing in particular on the secondary cities in the US, with the plan of investing some $2 billion in the region over the next three years on behalf of its open-ended real estate funds.

SALT LAKE CITY—Gelt has acquired the 247-unit Murray Ridge Apartments at 4118 S. 500 E. here for $25.5 million from an undisclosed seller. This marks the first acquisition for Gelt in this market.