New Property In Atlanta, GA Purchased By US Industrial REIT II
May 1, 2007 - San Antonio, TX
US Industrial REIT II purchased the Petsmart Southeast Regional Center, a 877,000 square foot bulk distribution center in Atlanta, GA on May 1, 2007. The property was purchased from Seefried Properties. The transaction’s purchase price was not disclosed.
The building, leased 100% to PetsMart, the leading specialty pet retailer in the U.S., is located immediately adjacent to I-85, near the I-85/Georgia Highway 34 interchange. This facility serves as PetSmart’s only distribution center in the Southeast. The property was completed in March of 2007 and also includes additional land for expansion of the building to 1,121,580 square feet to accommodate the possible future growth of PetsMart. The transaction was marketed by Chris Riley and Frank Fallon of the Atlanta’s office of CBRE. US Industrial REIT II is owned by affiliates of USAA Real Estate Company and other institutional investors.
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.