IDI Sells, Develops More
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|IDI is harvesting a big chunk of its portfolio to a Denver REIT to make way for an industrial development boom. (It was King Louis XV who said: "Apres REIT, le deluge de la proprit industrielle" or "After REITs, the deluge of industrial properties.)|
|Denver-based Industrial Income Trust purchased a collection of IDI warehouses across the Southeast, including O?Reilly Auto Parts distribution hub at 4000 South Corporate Pkwy in Forest Park and Global Experience Specialists? facility in Westfork Business Park (above). In all, Industrial Income purchased 3.7M SF in Atlanta, Chicago, Memphis, and Fort Lauderdale for $180M, according SEC documents. Industrial Income reports the largest tenant in the portfolio is Flextronics Logistics, which leases 400k SF at a warehouse in Memphis, paying an annual rent of $1.3M.|
|We spoke with IDI?s Lisa Ward, who says the industrial developer will maintain the leasing and management of the portfolio for Industrial Income. Part of the reasoning behind the sell is to help feed IDI?s growth. ?Most of that will be funneled back into new development of facilities nationwide,? Lisa says. IDI has a pipeline of 9M SF over the next 24 months, including its 650k SF Riverside Building A and the 550k SF Mitsubishi facilities in Atlanta.|