Deutsche Asset Management’s (Deutsche AM) Alternatives business today announced the acquisition of a 19-property, 3.3 million square foot industrial portfolio from International Airport Centers (IAC). The properties are located in seven major distribution markets across the US – Los Angeles, San Francisco, Seattle, Dallas, Chicago, Portland and San Diego.
The portfolio, which consists of 35 buildings, is 99% leased to 76 tenants with an average tenant size of approximately 40,000 square feet. Deutsche AM acquired the portfolio on behalf of an institutional investor through direct negotiation with Perlmutter Investment Company – of which IAC is an affiliate company.
“The portfolio’s geographic diversity across large distribution hubs and stable tenant base makes it an attractive investment,” said Todd Henderson, Head of Alternatives – Real Estate, Americas. “We are excited about the acquisition of such a diverse portfolio of industrial real estate and “appreciate the opportunity to work with IAC on this transaction.” Deutsche AM