Olathe Warehouse Sells for $44 Million

A real-estate investment trust based in Massachusetts says it has acquired a 645,000 square-foot warehouse in Olathe, currently home to the Excelligence school supply distribution center, for $44 million, in a building adjacent to the Coleman Co. distribution center on Mercury Drive.

John Murry, the REIT’s president and CEO, announced the transaction, saying the building–less than three years old–was leased to Excelligence for 12 more years.

Attributes that led to the purchase, he said, were its access to convenient transportation infrastructure, as well as developable land to support future growth and expansion on the 57-acre site. “This acquisition,” Murry said, “expands ILPT’s geographic diversification into another top 20 U.S. industrial market, the largest and fastest-growing submarket in Kansas City.”

You can read the REIT’s acquisition announcement here.