STAG Industrial Inc. (STAG) Tuesday said it acquired a portfolio of 31 primarily single tenant industrial buildings for about $129 million. This acquisition brings STAG's total 2012 acquisition volume to about $343 million.
The portfolio, which consists primarily of warehouse and distribution facilities, is 91 percent leased to 29 different tenants and was purchased at a 9 percent plus cap rate.
"This transaction demonstrates our ability to significantly grow our asset base through a portfolio purchase while still achieving attractive return parameters", remarked Ben Butcher, CEO of STAG.
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