Commerce Crossings I & II in Louisville Purchased By US Industrial REIT II
April 23, 2007 - San Antonio, TX
US Industrial REIT II purchased Commerce Crossings I & II, an 800,000 square foot bulk distribution center in Louisville, KY on April 23, 2007. The property was purchased from J.P Morgan. US Industrial REIT II is owned by affiliates of USAA Real Estate Company and other institutional investors. The transaction’s purchase price was not disclosed.
This two-building property is 100% leased to Electronic Arts, Inc., the Jewish Regional Service Center, Electronics Boutique of America and Musicorp. The property is located off I-265, 2 miles from I-65 and 10 miles from the Louisville International Airport and the UPS World Hub. The transaction was marketed by Greg Power of Power Realty Advisors of Louisville, KY.
USAA Real Estate Company has more than $3.4 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 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 $113 billion.