J.P. Morgan Real Estate Income Trust, Inc.: M&A transaction — J.P. Morgan Real Estate Income Trust completes acquisition of Savannah truck transload facility for $74.7M

J.P. Morgan Real Estate Income Trust, Inc.

Acquired pre-leased Class A logistics facility in Savannah, GA for total consideration of $74.7M (incl. $1.5M tenant improvements).
Facility encompasses 136,240 sq ft with 134 doors on approx. 60-acre site (50 net leasable acres).
Acquisition funded by proceeds from sales of company's common stock and operating partnership units.
Transaction previously disclosed in June 2022; facility constructed in 2023.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

J.P. Morgan Real Estate Income Trust, Inc. completed an acquisition involving Old Louisville Savannah Propco, LLC for $74.7 million (closed 2023-07-17).

Action: acquisition
Counterparty: Old Louisville Savannah Propco, LLC
Consideration: $74.7 million
Closing: 2023-07-17

Exact text from the filing

As previously disclosed, on June 10, 2022, J.P. Morgan Real Estate Income Trust, Inc. (the “Company”) entered into an agreement with Old Louisville Savannah Propco, LLC (the “Seller”) to purchase a pre-leased truck transload facility located within the Savannah, GA metropolitan area (the “Truck Transload Facility”) for $74.7 million, exclusive of closing costs, which consisted of an initial purchase price of $73.2 million and an additional $1.5 million in tenant improvement costs. The Truck Transload Facility, constructed in 2023, is a Class A logistics facility encompassing 136,240 square feet with 134 doors situated on an approximately 60-acre site with approximately 50 net leasable acres. On July 17, 2023, the Company acquired the Truck Transload Facility from the Seller.

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Source: SEC EDGAR

accession 0000950170-23-033714

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