ST. LOUIS — ElmTree Net Lease Fund II has acquired five single-tenant net lease investment properties for $105.2 million in five states. All properties are occupied under 10-to-15-year lease agreements.
The acquisitions include three build-to-suit properties and two existing facilities. The first build-to-suit is a 306,406-square-foot industrial facility in Lafayette, Ind. Upon completion, the property, which sits on 53.5 acres, will be leased to General Electric Co. and will house subsidiary GE Aviation. It will operate an assembly line.
The second build-to-suit is a 175,000-square-foot warehouse/office located on the 12-acre Tyco Electronics campus in Shakopee, Minn. The project will consist of 20,000 square feet of warehouse space, 35,000 square feet of lab space and 120,000 square feet of office space. It will be leased to ADC Telecommunications, Inc., a communications company that was acquired by Tyco Electronics in 2010.
The third build-to-suit is a 70,000-square-foot, three-story office facility located in Roanoke, Va. Upon completion, the office space will be leased to Allstate Insurance Co. and will be used for IT, claims and subrogation. It will also provide space for two call centers and will replace an existing facility in Roanoke.
The first existing facility is a 57,260-square-foot office and call center in Fort Myers, Fla. The building sits on 7.9 acres and is occupied by Comcast of the South Inc., a fully owned subsidiary of Comcast Corp. that operates as a media and technology company. Plans call for an additional 220 employees to be hired by year end for this facility, which serves as Comcast’s Center of Excellence and call center, serving customers who get their phone, Internet, and/or cable services provided through their community’s homeowner’s association.
The final acquisition is a 59,568-square-foot, two-story office building located in New Providence, N.J. The facility sits on 7.39 acres and is being leased to Reed Elsevier Inc., a holding company operating as a publisher and information company. The property, which houses 170 employees, has been owned and occupied by Reed Elsevier or one of its subsidiaries since 1978. It is located near New Jersey Transit’s Murray Hill Station, which provides direct commuter rail service into New York.
St. Louis-based ElmTree Net Lease Fund II is a real estate private equity fund sponsored by ElmTree Funds LLC.
— Haisten Willis