US Industrial REIT III Acquires Bulk Distribution Space in Memphis

SAN ANTONIO, Sept. 17 /PRNewswire/ -- US Industrial REIT III, an affiliate of USAA Real Estate Company, announces the recent purchase of two Class A bulk distribution facilities located in the Southeast submarket of Memphis, Tennessee. The purchase price was not disclosed.

The 1,369,494-square foot portfolio includes one building located at 6100 East Holmes Road, totaling 829,464 square feet and occupied by electronics manufacturing services provider Flextronics Logistics USA, Inc. and MVP Group International, a privately-held designer and manufacturer of candles and home fragrances. A second 540,000-square-foot building, is located at 6000 Freeport Avenue and serves as corporate headquarters and U.S distribution for Memphis-based Creative Co-Op, Inc., an importer of accent furniture, lighting and accessories.

Both properties, featuring modern amenities such as ESFR sprinklers and retrofitted T-5 lighting, are located within Chickasaw Distribution Center, a top industrial park in the center of Memphis' most dynamic industrial submarket. BNSF Railway Company recently expanded its Memphis Intermodal Facility just two miles from the park, which also offers convenient access to Memphis International Airport and the city's Lamar/US 78 artery.  

"Memphis consistently attracts large industrial tenants as a leading U.S. multi-modal hub," says USAA Real Estate Company Chairman and CEO Pat Duncan. "We are pleased to take part in this investment opportunity in a recovering industrial market."

US Industrial REIT III is owned by affiliates of USAA Real Estate Company and other institutional investors. The Fund invests in high quality bulk distribution properties of 250,000 square feet and higher located in major markets throughout the United States.  Also earlier this year, the REIT purchased the GE Distribution Facility in Jacksonville, Florida and the Pioneer Distribution Centers in Woodland, California expanding the REIT to over 6.1 million square feet.

USAA Real Estate Company, with approximately $6 billion assets under management, 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 annual volume transactions exceeding $3 billion. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.

SOURCE USAA Real Estate Company

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