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A Maryland investment trust has jumped on two big-box warehouse investments from USAA Real Estate Co.
Gramercy Property Trust recently purchased the 1.1M SF Clorox build-to-suit warehouse at 1595 Oakley Blvd in Atlanta and Interstate South Building 4 at 493 Westridge Pkwy, a 676k SF distribution center that is entirely leased to Carlisle Tire & Wheel Co, said CBRE's Chris Riley (on right from an event in 2013), who, along with Frank Fallon, brokered the sale for USAA.
The two Atlanta warehouses were part of a larger, 17-property, 10.3M SF portfolio trade to Gramercy for $521M, according to the investment firm's filings with the Securities and Exchange Commission. The portfolio is spread out geographically, including with warehouses in Charleston, Cincinnati, Dallas, Indianapolis, Jacksonville, Memphis and Sacramento.
"The company assumed approximately $198M of secured debt in connection with the acquisition, with a weighted average interest rate of 4.1% and a weighted average maturity of 3.9 years," Gramercy officials stated in documents.
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