Stateline Distribution Center Purchased By US Industrial REIT II
August 6, 2007 - San Antonio, TX
US Industrial REIT II purchased the Stateline Distribution Center, a 257,976 square foot Class A bulk distribution center in Southaven, MS, a submarket of Memphis, TN on August 6, 2007. The property was purchased through a portfolio sale by IDI Corporation. 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 property is 100% leased to three tenants to include C&H Distributors, IPS Industries, Inc. and Econet, Inc. The property was developed in 2005 and is a class A institutional grade property with tilt-up concrete panels with architectural reveals and glass store fronts for the office. The property is strategically located approximately ¼ mile south of the Tennessee/Mississippi state line with easy access to I-55 and 6 miles from the Memphis International Airport and the Federal Express Hub.
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.