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Duke Buys Logistics Portfolio From USAA

Transaction Includes Core Industrial Properties In CA, TX, MO, KS, NJ, PA
June 19, 2013
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.

Facility Address
Market
Sq. Ft.
Yr Built
400 First Avenue
Northern PA
1,026,000
2007
1130 Commerce Blvd.
So. New Jersey
385,884
2004
27200 West 157th St.
Kansas City (New Century, KS)
446,500
2007
2300 W. San Bernardino Ave.
Inland Empire, CA
575,457
2001
2500 North Plaza Drive
Central Valley/San Joaquin, CA
635,281
2001
1400 Pescadero Ave.
Central Valley, CA
657,600
2008
3965 Lakeview Corporate Dr.
St. Louis
540,000
2006
13001 Bay Area Blvd.
Houston
598,000
2007

SOURCE: CBRE


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.

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