Starwood Income Trust Adds 4.1M SF Midwest Industrial Portfolio
December 12, 2019 | John Jordan | GlobeSt.com
CHICAGO—Miami-based Starwood Real Estate Income Trust Inc. has acquired a Midwest industrial portfolio involving 33 assets totaling 4.1 million square feet from locally-based First Industrial.
The portfolio consists of primarily Class A properties in Chicago (43%), Indianapolis, (33%), Columbus (16%) and Milwaukee (8%). The “Midwest Industrial Portfolio” is currently 98% leased to 50 tenants and has maintained an average occupancy of just under 95% over the last 10 years.
According to SREIT’s website, the firm acquired 95% interest in the portfolio for $320 million. SREIT is managed by Starwood Capital.
