USAA Real Estate Company Announces The Acquisition of Summit Heights Gateway
SAN ANTONIO, Sept. 20, 2012 /PRNewswire/ -- USAA Real Estate Company, on behalf of US Republic Core Fund, announced the acquisition of Summit Heights Gateway, a destination retail center totaling 248,402 square feet located in Fontana, California. The property was purchased from an Invesco Advisors, Inc. fund.
Summit Heights Gateway benefits from a prime location north of Interstate 210 at Interstate 15 and Summit Avenue. This prominent interchange serves a growing North Fontana residential community nestled in the foothills of the San Gabriel Mountains. The center provides a diverse offering of retailers, restaurants and salons.
Summit Heights Gateway was built in two phases between 2003 and 2005. The center is currently 90% leased to 23 tenants and is well anchored by some of the nation's leading retailers including Marshalls, Kohl's, PetSmart and Staples.
"Summit Heights Gateway is a welcome addition to US Republic Core Fund," states USAA Real Estate Chairman and CEO, Pat Duncan. "The asset will complement the Fund's portfolio of quality properties and strong credit tenants while expanding our presence in this growing West Coast market."
US Republic Core Fund continues to invest in a portfolio of core and core plus office, multi-family and retail properties in both primary and secondary markets across the U.S.
About USAA Real Estate Company
USAA Real Estate Company, with approximately $12 billion in 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. USAA Real Estate Company 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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