- AIP Realty Trust (AIP.U) partner AllTrades Industrial Properties has completed construction of a new industrial property in Mesquite, TX
- The Mesquite Property comprises 49,713 rentable square feet across 12 WorkSpace Shops, 10 WorkSpace Studios and 32 WorkSpace Secured Parking spaces
- The property is 96-per-cent-leased at the completion of construction
- AIP Realty Trust is a real estate investment trust in the U.S
- AIP Realty Trust opened trading at $1.40 per share
AIP Realty Trust (AIP.U) partner AllTrades Industrial Properties has completed the construction of a new industrial property in Mesquite, TX.
The property is ready to be occupied by tenants.
In May, AIP Realty entered into membership purchase agreements with AllTrades Five Properties, LLC (AT5P), providing the Trust with the exclusive option to acquire up to five light industrial flex properties in the final stages of development in the Dallas-Fort Worth (DFW) area, including the Mesquite Property.
The Trust’s governance committee will begin evaluating whether to exercise the option based on its review of the audited financial statements and the appraisal of the Mesquite Property.
The Trust will only move forward with the acquisition of the Mesquite Property if the Trust’s governance committee and independent trustees make a favorable recommendation, and the Trust has secured the funds necessary to do so.
The Mesquite Property comprises 49,713 rentable square feet across 12 WorkSpace Shops, 10 WorkSpace Studios and 32 WorkSpace Secured Parking spaces.
As a result of AllTrades’ pre-leasing during construction, the light industrial flex property is 96-per-cent-leased at the completion of construction.
“We are excited to see the completion of the first of five high quality light industrial flex properties scheduled to be all delivered over the next six months,” stated Les Wulf, Executive Chairman, AIP Realty Trust.
“The pre-leasing activity at Mesquite underscores the strong appeal and demand for the unique AllTrades-branded offering tailored to meet the overlooked needs of small business, trades and services companies,” he added.
The agreements reached with AT5P include the following five DFW-area properties, representing the Trust’s near-term pipeline of acquisition opportunities.
AIP Realty Trust is a real estate investment trust with a growing portfolio of new light industrial flex facilities in the U.S.
AIP Realty Trust opened trading at $1.40 per share.