Michael’s Distribution Facility Added To The US Industrial REIT II Portfolio
September 27, 2007 - San Antonio, TX
US Industrial REIT II added the 762,850 326,585 square foot Class A bulk distribution center, located in California’s Antelope Valley, Lancaster submarket, CA to its portfolio on September 27, 2007. The property was purchased from Lexington, Lancaster, LLC. 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, which was built in 1998 and then further expanded in 2000, is a state-of-the-art facility and is 100% occupied by Michaels Stores, Inc., which is the nation’s #1 Arts & Crafts retailer. Michael’s owns & operates approx. 930 stores in the U.S. & Canada. The property is located directly off Hwy. 14 approx. 90 miles north of the Ports of Los Angeles & Long Beach. This facility serves approximately 190 Michaels Stores, including eight of the chain's top ten performing stores. The transaction was marketed by Darla Longo and Barbara Emmonds of CB Richard Ellis.
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.