Nasdaq / PRNewswire - May 28, 2009
US Industrial REIT III, an affiliate of USAA Real Estate Company, announced the recent acquisition of a 657,600-square- foot Class A bulk distribution facility occupied by specialty retailer, Home Depot USA, Inc. in Tracy, California on a 15 year lease for an undisclosed sum.
The Home Depot, Inc., founded in 1978, specializes in building materials, home improvement supplies as well as lawn and garden products retailed from 2,200 stores in the United States. The Tracy facility, a Rapid Deployment Center (" RDC"), is part of the company's 2008-2009 conversion from de-centralized to regional distribution and will service approximately 100 stores initially, with the capacity to serve up to 150 stores.
"This acquisition provides great opportunity for our investors to gain an asset that is 100% leased by the world's largest home improvement specialty retailer," says Pat Duncan, chairman and CEO of USAA Real Estate Company. " Seeking high quality tenants in strategic industrially-prosperous locations continues to build successful investment relationships."
Completed in December 2008, the Home Depot RDC facility utilizes state-of-the- art tri-load design and other upgrades including more than 400 secured and lighted trailer positions. Its central and accessible location off I-205, neighboring the San Francisco/Oakland Bay area within fast-growing San Joaquin County, serves Northern California and the Pacific Northwest regions. The property is well located near five major highways, two transcontinental railroads and two international airports.
The US Industrial REIT III portfolio, totaling $1 billion, consists of large scale bulk industrial properties across the continental United States. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922.
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