Mid-South Logistec II Purchased By US Industrial REIT II
May 10, 2007 - San Antonio, TX
US Industrial REIT II purchased the Mid-South Logistec II Center, a 450,000 square foot bulk distribution center in Nashville, TN on May 10, 2007. The property was purchased from Ozburn-Hessey Logistics, LLP. 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.
The building is leased to 100% leased to Ozburn-Hessey Logistics, one of the leading third party logistics firms in the U.S. serving Fortune 1500 companies in the food service consolidation, industrial, electronic, pharmaceutical, healthcare and consumer products industries. The property is strategically located in Nashville with 24 states within a 600 mile radius of the city. The property is located immediately adjacent to I-24, which converges with I-40, I-65 and I-440, providing convenient access to the six interstate legs that radiate from Nashville. The transaction was marketed by Doug McDowell with the Nashville office of ProVenture.
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.