PIRET Acquires 51 Percent Interest in $57M North Carolina Industrial Portfolio

VANCOUVER — Pure Industrial Real Estate Trust (PIRET), an industrial REIT based in Vancouver, has purchased a 51 percent interest in the $57 million acquisition of three industrial assets in North Carolina. The three bulk distribution/warehouse facilities are located in the Greensboro/Winston-Salem markets and total roughly 1.3 million square feet. The assets are 100 percent leased to three tenants. The properties are located at 6104 and 6105 Corporate Park Drive in Greensborough and 3928 Westpoint Blvd. in Winston-Salem. The acquisition was funded with a $29 million bridge loan facility and $14.1 million that PIRET provided from existing working capital for its share of the balance of the purchase price. After completing the acquisition, PIRET’s portfolio of assets under management will total 177 properties spanning 17.5 million square feet.