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US firms continue industrial drive

Real estate investment firm Intercontinental Real Estate Corporation has acquired a portfolio of six industrial buildings in Arizona, just as Chicago-based Harrison Street Real Estate Capital scooped up 19 self-storage properties across the US.

The US industrial market is seeing continued investor interest despite a general downturn in the real estate and credit markets. 

Boston-based Intercontinental Real Estate Corporation has added a portfolio of six industrial buildings located in Tucson, Arizona – totaling 606,027 square feet of rentable space – to its portfolio. The deal comprised two adjacent industrial complexes, Medina Business Park I & II and Tucson Commerce Center I to IV. The properties also included 1,829 parking spaces.

At the same time, Chicago-based Harrison Street Real Estate Capital picked up 19 self-storage properties in the US for an undisclosed sum. The properties, located in Chicago, Ohio, Florida, Rhode Island, New York and Nevada, total more than 1.4 million square feet of space in approximately 11,600 units. The deal was made through its recently launched $430 million Harrison Street Real Estate Partners II vehicle. 

The current credit environment is offering opportunities for real estate investors to acquire assets on an attractive basis, according to Harrison Street co-founder and managing partner, Christopher Merrill. “In the current economic climate, opportunities are known to arise for well-positioned buyers to respond quickly and add attractive assets,” he said in a statement.