18 Apr IDI Logistics Closes Q1 with New Owners, More than 2 Million SF of Leases
IDI Logistics Closes Q1 with New Owners, More Than 2 Million SF of Leases
First Quarter Saw Growth in 7 Markets Coast-To-Coast
ATLANTA (April 17, 2019) – On the eve of their 30th anniversary this month, Atlanta-based IDI Logistics has announced a successful and eventful first quarter. 2019 started with news that Canada-based Ivanhoé Cambridge and Oxford Properties had entered a 50-50 joint venture partnership to invest in IDI Logistics, beginning a new era for the well-established logistics property platform. IDI’s first quarter of this new era included strong lease activity across the nation, the start of several new construction projects, and new land acquisitions.
“We’re excited to get a really strong tailwind behind us in Q1,” said Mark Saturno, CEO of IDI, “It’s been a busy start to the year for us, but we’re looking forward to building on this forward momentum and working with our new owners, Ivanhoé Cambridge and Oxford Properties, to round out 2019 as a banner year.”
From January to March, more than 2 million square feet of leases were secured bringing IDI’s operating portfolio to more than 93% leased. Leasing occurred in seven markets including Atlanta, Chicago, Indianapolis, South Florida, Los Angeles, Houston and El Paso.
Notable leases from the quarter include nearly 1 million square feet at Indianapolis’ WorldConnect at AmeriPlex to a multinational food and beverage corporation. Another 400,000 square feet was also leased at WorldConnect at AmeriPlex to a major home improvement retailer. More than 200,000 square feet was leased to a large logistics provider at Stratford Ranch 3 in Perris, Ca.
IDI has approximately 7 million square feet of recently completed or under construction properties across the country. The largest single facility currently under construction, Park South at Richwood, Building B near Cincinnati, is over 1 million square feet. This is both the largest ever speculative building and first speculative building with a 40-foot clear height in the Cincinnati market. It is scheduled for completion in June 2019.
New investments for IDI in Q1 include 120 acres at Lanier Logistics Center in Buford, Ga., 305 acres at Perris Valley Fulfillment Center in Perris, Ca. and 200 acres at Olive Branch Logistics Center in Olive Branch, Ms. These acquisitions will provide IDI with sites for over 10 million square feet of future development space.
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IDI Logistics is a leading developer and manager of logistics real estate in the U.S. The fully-integrated logistics platform has a long track record of speculative development, build-to-suits and value-add acquisitions. In its 30-year history, IDI Logistics has developed more than 100 world-class business parks and 750 warehouses totaling over 200 million sf throughout North America.
For more information, please visit our website at www.idilogistics.com