News Details :
News Details:
Headline : United States : Global Net Lease Closes on a Newly Constructed Class A Cold Storage Distribution Facility Leased to a National Logistics Provider
Summary : Global Net Lease, Inc. a real estate investment trust focused on the acquisition and management of industrial and office properties leased long-term to high quality corporate tenants in select markets in the United States and Europe, announced it has closed on the previously announced acquisition of a newly constructed cold storage distribution facility leased to a national logistics provider.

This newly constructed Class A distribution facility measures 606,000 square feet serves as a distribution and cold storage facility and includes a freezer, standard cooler, cold dock, dry warehouse and office/maintenance space. It also contains 105 exterior truck doors and 17 electronically operated "Rapid-Rise" overhead doors. The building is located in Romulus, Michigan, is leased to a national logistics provider for a lease term of ten years which includes annual rent escalators.

With the closing of this acquisition, GNL has closed 18 acquisitions for $393 million this year. GNL funded this transaction with a mortgage loan and cash on hand.

James Nelson, Chief Executive Officer of GNL, commented, "We are pleased to add to GNL's portfolio this class A cold storage distribution facility leased long term to a nationally recognized credit. This important acquisition meets GNL's key investment objectives and the triple net leased property serves a critical function for the tenant."