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IDI Sells, Develops More

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IDI Sells, Develops More
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.)
 
idi industrial income truswt 850 westfork business park global experience specialists maxham road lithia springs
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.
 
idi lisa ward
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.