ILPT Enters Kansas With $44M Industrial Purchase The REIT purchased a 645,000-square-foot distribution center in Gardner from USAA Real Estate. Jan082021 Image by falco via Pixabay Industrial Logistics Properties Trust has expanded its footprint into Kansas with the acquisition of a state-of-the-art net leased distribution center in metropolitan Kansas City. The REIT purchased the 645,000-square-foot building at 17001 W. Mercury St. in Gardner from USIR II – GARDNER LLC, an entity of USAA Real Estate, in a transaction valued at $44 million. With this acquisition, Newton, Mass.-based ILPT now has a presence in 32 states across the U.S. The REIT has been eager to bolster its portfolio, but the right opportunities have not exactly been plentiful over the last several months. “Strong performance of industrial real estate during this pandemic has continued to attract capital looking for deployment opportunities,” John Murray, CEO of Industrial Logistics Properties Trust, said during the company’s second quarter 2020 earnings conference call on July 29, 2020. “As such, competition has been strong and cap rates continue to hold steady, especially for newer, long-term leased credit tenant buildings, which ILPT targets for its portfolio.” With 17001 W. Mercury, ILPT emerged victorious.