Chamber Street Properties purchases 1.07 million s/f warehouse/distribution facility

Koblenz ,DE Chambers Street Properties (formerly CB Richard Ellis Realty Trust) closed on the acquisition of a 1.07 million s/f warehouse/distribution facility. The recently completed building is 100 % leased to the European operating subsidiary of one of the world's largest Internet ecommerce providers on a triple-net (NNN) basis until 2023. The acquisition was made by Chambers Street Properties as part of its existing joint venture with Goodman Group, a global integrated property company. The joint venture was formed to acquire stabilized, newly developed buildings sourced from Goodman's development pipeline in Europe and the U.K. Koblenz is at the nexus of Germany's interior transportation system between the country's two major commercial/industrial areas - Rhine-Main and Rhine-Ruhr. The tenant operates several distribution facilities in Germany to facilitate same-day delivery to customers there, as well as standard delivery to other parts of Western and Central Europe. Chambers Street Properties' European JV currently owns a portfolio of logistics assets in Germany. "This property is another high quality asset in a strong logistics location in central Germany and an excellent addition to our venture with Goodman. The overall investment parameters of this property fulfills all of our internal requirements and continues to expand our presence in the logistics sector," said Jack A. Cuneo, president and CEO of Chambers Street Properties. "We continue to strengthen our relationship with Chambers Street Properties through this transaction which reflects the caliber of assets that we are able to source through the development division of our integrated property business," said Danny Peeters, CEO, Europe of Goodman.