Last-mile real estate operator Link Logistics broadened its portfolio again in the third quarter and said demand for well-positioned locations remains favorable.
The company signed 766 leases representing 24.4 million square feet of space in the period. Its portfolio was 96.4% leased on a same-store comparison, which was 100 basis points lower year over year (y/y) but level with the second quarter.
Blended cash leasing spreads — a comparison of new rents to expiring rents — were 57% in the quarter. The result was approximately 500 bps better than the year-ago period and the second quarter of 2023.
“Link Logistics’ strong third quarter performance reflects continued demand for well-located last-mile logistics real estate and sustainable facilities that support our customers’ evolving needs,” CEO Luke Petherbridge said in a news release. “E-commerce and onshoring remain significant growth drivers for our business and industry.”
The company added 21 logistics facilities totaling 4 million square feet of space at a value of $754 million in the quarter. The acquisitions were accomplished “against the backdrop of capital markets and interest rate volatility,” said Nicholas Pell, president and chief investment officer.
Link Logistics made three dispositions totaling $95.2 million in proceeds and stabilized six developments.
The company holds the largest U.S.-only portfolio of last-mile logistics properties with 538 million square feet of space, including developments. It currently has 18.8 million square feet under construction.
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