US Industrial REIT II Purchases Industrial Property In Memphis, TN
February 6, 2007 - San Antonio, TX
US Industrial REIT II purchased Summit Distribution Center II, a 790,000 square foot industrial-distribution building in Memphis, TN from Principal Global Investors on January 30th. The transaction's purchase price was not disclosed.
The building is located on Highway 78, north of the Lamar Avenue and East Holmes interchange, a 10 minute drive to Memphis International Airport. The property is 100% leased to Hewlett-Packard Company which utilizes the facility for the distribution of commercial printers and associated accessories. The transaction was marketed by Frank Fallon, Chris Riley and Brad Rodgers of CB Richard Ellis in Atlanta.
US Industrial REIT II is owned by affiliates of USAA Real Estate Company and other institutional investors. "Summit Distribution Center II is a state-of-the art facility and its ideal location in Memphis near FedEx and the BNSF intermodal facility, makes it an excellent addition to US Industrial REIT II," said T. Patrick Duncan, President and CEO of USAA Real Estate Company.
USAA Real Estate Company has more than $3 billion of assets under management and provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, retail and hotel properties as well as investments in real estate operating companies with an annual volume of transactions in excess of $1billion. USAA Real Estate is a subsidiary of USAA, which has been serving military families since 1922 and has become one of America's leading financial services companies. The association, well known for its exceptional service, offers its 5.6 million members a comprehensive range of insurance, banking and investment products and services designed to help them meet their financial needs. Headquartered in San Antonio, Texas, with offices throughout the United States and Europe, USAA owns or manages assets of more than $100 billion.