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5/10/19
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AT&T has awarded CBRE Capital Markets with the listing for a portfolio of 33 industrial sites that are poised for redevelopment or value-add repositioning in the largest markets of California and Texas.
The sites have been used by AT&T as industrial work centers and provide a new owner with the ability to maximize value through repositioning or redevelopment into infill Class A industrial, transit-oriented multifamily, or other uses with in-place zoning (or with anticipated rezoning). Many of the sites are located within opportunity zones.
Eighteen of the assets are in California with the highest concentrations in supply constrained submarkets of Los Angeles, San Francisco and San Diego. In addition, 11 of the Texas assets are located within the greater Houston, Austin and San Antonio markets. Nearly all of the properties in the portfolio benefit from excellent access and proximity to major arterials, highways and in many cases, global seaports.
“This offering provides the opportunity to acquire a diversified portfolio of prime industrial and multifamily sites strategically located in infill locations with significant redevelopment potential. Asset sizes, pooling structure and the targeted bid process will appeal to both institutional and individual investors,” said Patrick Arangio, Vice Chairman of CBRE Capital Markets.
The offering is structured to afford qualified investors the opportunity to bid on the entire portfolio, select pools, and in certain instances, individual assets or combinations thereof. Arangio and Jack Howard of CBRE Capital Markets’ National Portfolio Sale Advisors, based in the firm’s Midtown Manhattan office, and Kurt Altvater of CBRE’s San Francisco office, have been retained by AT&T to act as the exclusive advisors for the sale.
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