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Dream Industrial REIT has completed its acquisition of a 264,000-square-foot logistics facility in the New Albany International Business Park for $23.8 million. With the addition, the Toronto-based trust now has 15 properties in its Columbus portfolio with 2.2 million square feet of gross leasable area.

The price includes a capitalization rate of 6.5 percent with 2.5 percent annual contractual rent growth embedded in the current leases.

Built in 2017, the multi-tenant property on Smith’s Mills Road is fully leased with a weighted average lease term of 6.8 years. The property is adjacent to two parcels the trust acquired as part of its initial expansion into Columbus in 2018.

To date, Dream Industrial REIT owns and operates a portfolio of 245 geographically diversified light industrial properties comprising more than 24 million square feet of gross leasable area in key markets across Canada and the U.S.