NEW YORK--(BUSINESS WIRE)--
RREEF Property Trust, Inc. announced today the acquisition of Commerce Corner, a state-of-the-art, multi-tenant warehouse and distribution center in Logan Township, New Jersey for $19.75 million.
The fully leased property, comprising approximately 260,000 square feet, is located on Commerce Boulevard at the front of the 3.1 million square foot LogistiCenter at Logan industrial park.
Commerce Corner is strategically positioned in close proximity to the Northeast’s four major shipping ports, with direct access to the I-295, the Northeast’s primary north / south highway supporting truck commerce. The property is also located approximately 25 miles from the Philadelphia central business district, its airport and the Port of Philadelphia.
“Commerce Corner is a state of the art, multi-tenant distribution facility with excellent prospects for income generation and total return. We are pleased to add this investment to the RREEF Property Trust portfolio,” said Todd Henderson, Chairman of the Board of RREEF Property Trust and Head of Real Estate, Americas at Deutsche Asset & Wealth Management.
RREEF Property Trust
RREEF Property Trust is a publicly registered, non-traded, daily NAV company that intends to qualify as a real estate investment trust. RREEF Property Trust employs a blended strategy that includes commercial real estate, publicly-traded real estate securities, real estate-related debt and cash and cash equivalents. RREEF Property Trust targets investments in income-producing properties with established cash flow and the potential for value appreciation. RREEF Property Trust focuses primarily on U.S. commercial real estate assets selected from the industrial, retail, office and multifamily sectors. RREEF Property Trust maintains a website at www.rreefpropertytrust.com.
RREEF America L.L.C. is the sponsor and advisor of RREEF Property Trust. RREEF America L.L.C., together with its affiliates in Europe and Asia comprise the global real estate investment business of Deutsche Asset & Wealth Management (formerly RREEF Real Estate), a division of Deutsche Bank A.G., or Deutsche Bank.
Deutsche Asset & Wealth Management – Real Estate
Deutsche Asset & Wealth Management’s real estate investment business has been investing in real estate assets for more than 40 years. As part of the Alternatives and Real Assets platform, this business today has more than 450 employees around the world and US$47.0 /€34.1 billion in assets under management as of December 31, 2013, and offers a diverse range of strategies and solutions across the risk/return and geographic spectrums, including core and value-added real estate, real estate securities, real estate debt and opportunistic real estate. The real estate investment business employs a disciplined investment approach and aims to deliver superior long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, retirement plans, and private clients worldwide. To learn more about Deutsche Asset & Wealth Management's real estate investment capabilities, go to www.rreef.com.
Deutsche Asset & Wealth Management
With $1.28 trillion of assets under management (as of December 31, 2013), Deutsche Asset & Wealth Management¹ is one of the world's leading investment organizations. Deutsche Asset & Wealth Management offers individuals and institutions traditional and alternative investments across all major asset classes. It also provides tailored wealth management solutions and private banking services to high-net-worth individuals and family offices.
¹ Deutsche Asset & Wealth Management is the brand name of the Asset & Wealth Management division of the Deutsche Bank Group. The legal entities offering products or services under the Deutsche Asset & Wealth Management brand are listed in contracts, sales materials and other product information documents. I-034609-1.0
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