The Pizzuti Companies Announce New Equity Partnership With USAA Real Estate Company
August 11, 2004 - Columbus, OH
With 13.4 million square feet and 240 acres developed at CreekSide Industrial Center, The Pizzuti Companies has announced it will complete the development of the 500-acre park with new equity partner USAA Real Estate Company. The transaction was completed July 30 and the terms of the deal are undisclosed. USAA Real Estate Company, the San Antonio-based commercial real estate investment firm, and Pizzuti will own the remaining land and be exclusive partners in the land and vertical development of CreekSide.
"We are extremely excited to have USAA Real Estate Company as our partner in CreekSide", said Joel S. Pizzuti, president of Pizzuti Land and executive vice president of The Pizzuti Companies. "This [partnership] represents the continued evolution of our company to include institutional partners with large appetites for development and the resources to help make it happen."
"We are very excited to further our existing business relationship with the Pizzuti Companies. In the past, we have been very impressed with their leasing and property management expertise. We know they build a quality building and look forward to expanding our relationship in this venture for vertical development" said T. Patrick Duncan, senior vice president of real estate operations for USAA Real Estate Company.
"Our new venture will represent nearly $200 million of development over the next five years", Pizzuti said.
The joint venture partnership between Pizzuti and USAA Real Estate Company commenced with the groundbreaking of CreekSide XIII, a 463,311 square foot industrial-grade speculative building located on CreekSide Parkway.
USAA Real Estate Company has approximately $3.6 billion in assets under management and provides acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial and hotel properties as well as investments in real estate operating companies. USAA Real Estate Company is a subsidiary of USAA, which has been serving military families since 1922 and has become one of America's leading financial services companies with over 5 million customers. Headquartered in San Antonio, Texas, with offices throughout the United States and Europe, USAA owns or manages assets of more than $79 billion and is rated AAA.