WPT Industrial Real Estate Investment Trust announced that it has completed the previously announced acquisition of a 560,378 square foot distribution property located in Minneapolis-St. Paul, Minnesota. The REIT indirectly acquired the property from a third-party vendor for a purchase price of approximately USD 46.2 million (exclusive of closing and transaction costs), representing a going-in capitalization rate of approximately 6.9%. The property includes eight state-of-the-art, Class A industrial buildings featuring modern front-office, rear-load design, ESFR sprinkler systems and ample auto parking. The property is currently 86% leased to a variety of tenants with lease expirations ranging from June 30, 2017 to March 31, 2023.

The company also announced that Matthew J. Cimino has been promoted to the position of Chief Operating Officer & General Counsel. Mr. Cimino will continue to report to the REIT's Chief Executive Officer, Scott Frederiksen.