Principal buys long-leased Florida logistics asset for $55m

Principal Asset Management has acquired a newly developed and fully leased logistics asset in the US for $54.6m (€49.8m).

Osceola Logistics Center in Kissimmee, Florida, comprising two distribution facilities – one of 147,000sqft and one of 133,000sqft – was acquired from InLight Real Estate Partners and Black Salmon.

Jim Halliwell, head of private real estate alternatives at Principal Asset Management, said: “This is a fantastic acquisition, providing us with a new, triple-net-leased logistics asset positioned in an excellent submarket.

“The acquisition of this cold storage property dovetails with our strategy of increasing our clients’ exposure to alternative sectors with strong fundamentals. Our focus remains on acquiring value-accretive assets with the goal to provide stable returns for our investors.”

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