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4/17/15
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USAA Real Estate Company (“RealCo”) has recapitalized an industrial portfolio consisting of 25 bulk assets located across 11 states. The transaction entailed the acquisition by new investors of interests in the portfolio held by the original investors.
The acquisition price was established by a competitive bidding process. An affiliate of RealCo will retain an approximately 10 percent ownership stake in the recapitalized portfolio while RealCo itself will serve in an advisory capacity.
As part of the recapitalization, $185 mil in new debt financing was arranged on the portfolio with Prudential and is secured by 10 unencumbered assets which together comprise 5.9 msf of space.
In total, the portfolio consists of 14.18 msf of core and value-add bulk industrial real estate as well as two excess land parcels comprising 73.8 acres. The properties, which have a median age of nine years, are located in California, Florida, Georgia, Illinois, Indiana, Kentucky, Missouri, New Jersey, Pennsylvania, Tennessee, and Texas. Some of the most prominent of the properties include the 832k sf Zappos warehouse outside of Louisville, KY, the 789.3k sf Summit Distribution Center II in Memphis, TN and the 1.6 msf SouthPort Logistics Center outside of Atlanta, GA.
USAA Real Estate Company was advised by Dallas-based CBRE National Partners on the recapitalization of the portfolio.
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