Two distribution deals closed by ING Clarion.

EDWARDSVILLE, IL: ING Clarion has announced the purchase of two distribution centers in Illinois and in Washington.

It has acquired the Procter & Gamble Distribution Center in Edwardsville, Illinois for $27.4 million. The transaction, which was structured as a sale/leaseback with Procter & Gamble, was made on behalf of a separate account client advised by ING Clarion.

Ben Phillips, senior vice president at ING Clarion, commented, "We believe that the low vacancy rates in the area, Coupled with the flexibility for expansion that the building design offers, make this asset an outstanding addition to our portfolio. We are delighted to have the opportunity to acquire this property for our client."

P&G will remain the sole tenant of the facility for up to 10 years.

ING Clarion also announced the acquisition of Sumner Central, a new industrial distribution center in Sumner, Washington, for $22.3 million. The off-market acquisition was made on behalf of an open-end fund advised by ING Clarion. "The warehouse market in the Puget Sound region continues to benefit from the growth in cargo volumes at the ports as well as from the booming local economy," said Stephen Latimer, managing director with ING Clarion in Seattle. "We are very pleased with this investment, and particularly so in that it expands our growing relationship with Panattoni."

ING Clarion's holdings in this region now total approximately 2 million square feet. ING Clarion will oversee the marketing of the property with CB Richard Ellis as broker.