PRP entered into an agreement to buy these five assets in a presale structure at the start of construction.
- Portfolio of five new built-to-suit industrial assets located in four US markets:
- Houston, TX
- Birmingham, AL
- St. Louis, MO
- Greenville, SC
- 100% leased to investment grade tenants Lowe’s, Amazon, and Techtronic with 15.5 years average lease term and 1.93% average annual rent escalations
- Buildings are self-managed by the tenants in an absolute NNN lease structure with no landlord capital exposure
The Amazon assets, one a “Last Mile” AMZL delivery station and one an outbound “Middle Mile” cross dock facility, are located in Saint Louis, one of the largest population centers in the nation
