St. Louis-based real estate investment fund ElmTree Net Lease Fund II, LLC, has announced the recent closing of four acquisition deals, bringing the total value of properties acquired or committed in 2014 to nearly $300 million. Together with properties acquired in 2013, the Fund’s total assets are approximately $420 million. With three additional deals currently under contract and letters of intent on six more properties, 2015 also promises to be a good one for the fund, which is projected to grow to $900 million by mid-year.
ElmTree, which is focused on the acquisition and operation of single-tenant, office and industrial properties across the United States, acquired the four properties in December. They include a 513,832-square-foot distribution facility in San Antonio, Texas, which is currently occupied by Carrier; a 102,950-square-foot storage and distribution facility in Russellville, Ala., occupied by Saint-Gobain ADFORS; a 38,900-square-foot medical building in Phoenix, Ariz., which houses Adeptus Health, and a 226,000-square-foot flex building being built in Grandview, Mo., which, upon completion later this year, will be occupied by the National Oceanic and Atmospheric Administration’s National Logistics Support Center and National Reconditioning Center. The estimated total purchase price for the properties is approximately $90.3 million. All the buildings are 100 percent occupied or leased.
ElmTree also has three buildings under contract for a purchase price of $32.2 million and has executed non-binding letters of intent to close on six additional transactions for $130.7 million. Three of these non-binding letters of intent are for build-to-suit transactions where the fund will provide all or a portion of the total financing. Any further details related to the locations of these properties won’t be divulged until the individual deals close.
About ElmTree Funds, LLC
ElmTree Net Lease Fund II is a net lease fund sponsored by ElmTree Funds, LLC, a private equity investment firm based in St. Louis, with offices and affiliates across the country. The firm seeks opportunities in the commercial sale leaseback and net lease real estate markets. To learn more, visit www.elmtreefunds.com.
# # #
For more information, please contact:
James G. Koman Joseph Yiu Julie Hauser
Managing Principal CIO & Managing Principal The Hauser Group
(314) 261-7348 (201) 892-5550 (314) 436-9090