CBRE has closed the sale of a 4.86 million-square-foot portfolio of industrial logistics buildings in six states on behalf of USAA Real Estate Co. to Duke Realty (NYSE: DRE
The eight-building core portfolio of mostly single-tenant net leased buildings "was a great opportunity for Duke Realty to acquire a critical mass of bulk industrial product in a single transaction," according to a release by CBRE, which represented seller USAA in the deal valued at $311 million by Duke Realty Chairman and CEO Denny Oklak during an April 25 earnings call.
The bulk distribution buildings constructed between 2001 and 2008 are located in Greater Philadelphia/Eastern PA, the Central Valley of California, Houston, the Inland Empire, CA, St. Louis and Kansas City -- all high-growth, major supply chain markets across the U.S.
The portfolio is 100% leased to 10 tenants and has in-place, stable net operating income. Tenants include Home Depot, The Clorox Company, Kimberly-Clark, Jo-Ann Stores, Sears, Walgreen Co. and others.
|400 First Avenue
|1130 Commerce Blvd.
||So. New Jersey
|27200 West 157th St.
||Kansas City (New Century, KS)
|2300 W. San Bernardino Ave.
||Inland Empire, CA
|2500 North Plaza Drive
|| Central Valley/San Joaquin, CA
|1400 Pescadero Ave.
||Central Valley, CA
|3965 Lakeview Corporate Dr.
|13001 Bay Area Blvd.
Jack Fraker, Josh McArtor, Jonathan Bryan and Heather McClain Venegoni with CBRE in Dallas, along with CBRE’s National Partners Team, local market experts and Val Achtemeier of CBRE’s Debt & Equity Finance group, represented seller USAA Real Estate Co.
Please see CoStar COMPS #2760685 for more information on this transaction.