GID, a real estate owner and fiduciary that invests in multiple asset classes, has announced the acquisitions of three separate properties, all purchased in August: 3-9 Timber Court in Chicago, Route 3 Industrial in Boston, and 8230 Sandy Court and 1000 Hampton Park Boulevard, a two-property portfolio located in the Baltimore/Washington Corridor.
Route 3 Industrial is a five-building, multi-tenant industrial park located in the Boston suburb of Weymouth, MA totaling 247,620+ sq ft. The property is divided into 43 suites and contains a total of 86 dock high and 18 drive-in doors with an average Clear Height of 21 ft.
Conveniently located in the I-55 Corridor, 3-9 Timber Court is a 320,700+ sq ft property that is currently 100% leased to three tenants with a 2.1-year Weighted Average Lease Term (WALT) remaining with in-place rents that are 35% below current market rents.
8230 Sandy Court and 1000 Hampton Park Boulevard are located within two premier institutional industrial parks in top-tier submarkets that feature vacancies of less than 3.1%, offering ease of access to several major interstates and highways providing reachability to the approximately 10 million consumers within the Baltimore-Washington region. The 100% leased portfolio was purchased with a WALT of 3.4 years and in-place rents 22% below current market rents in supply-constrained industrial markets. These two properties add over 280,420 sq ft to GID’s growing portfolio.
“We continue to execute our strategy of constructing a high quality, infill, multi-tenant portfolio in top markets with varying demand drivers and strong prospects for growth,” says Michael Wenaas, Co-Head and Chief Investment Officer, GID Industrial.
GID is excited for the opportunity to add value to these differing properties in three bustling markets across the Northeast, Midwest, and Mid-Atlantic!
To learn more about GID Industrial, visit www.gid.com/invest/industrial/.