US Industrial REIT II Purchases Industrial Property In Lakeland, FL
June 28, 2007 - San Antonio, TX
US Industrial REIT II purchased FirstPark at Bridgewater, a two-building complex totaling 480,000 square feet in Lakeland, FL The property was purchased from FR/Cal, First Park LLC, a subsidiary of First Industrial on June 28th. The transaction’s purchase price was not disclosed.
The building is located in the northeast submarket of Lakeland Florida at 6850 First Park Boulevard and 7080 Haverty Way. The property is 100% leased to three tenants, Home Depot, the Empire Co. and Caterpillar Logistics Services. The property is well-located in the demographic center of Florida and has excellent access to the entire state. The property is located midway between Orlando and Tampa with immediate access to Interstate 4. The transaction was marketed by Jack Fraker and Randy Baird of CB Richard Ellis.
US Industrial REIT II is owned by affiliates of USAA Real Estate Company and other institutional investors. “We are very pleased with this purchase which is the located in such a robust market and this purchase also represents the first for acquisition for USIR-II in Florida.” said T. Patrick Duncan, President and CEO of USAA Real Estate Company.
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.