US Industrial REIT III Acquires GE Distribution Center In Florida

SAN ANTONIO, July 15 /PRNewswire/ -- US Industrial REIT III announces the recent purchase of the General Electric Distribution Center located at 600 Whittaker Road in Jacksonville, Florida.  The facility was purchased from I&G UOC Jacksonville, LLC.  Frank Fallon, Chris Riley and Nathan Rogers of the CBRE Atlanta Office represented the seller in the transaction. The purchase price was not disclosed.  

The 469,830-square-foot, Class A Bulk Distribution Facility was built in 1996 for General Electric Company, who remains the sole tenant. The GE Distribution Center occupies approximately 24 acres and includes 4,000 square feet of office space along with land for a future building expansion.  The building is rail served by CSX.  T-5 lighting and new roofing, updated in 2007, complement its modern design and functionality. General Electric Company distributes all of its major appliance lines from the Jacksonville facility to South Georgia, the Carolinas, Florida and the Caribbean.

This Jacksonville address serves as a strategic location within the well-known 1,500-acre Imeson International Industrial Park, former site of the City of Jacksonville's airport, and provides access to multi-modal transportation, including the Jacksonville International Airport, the Port of Jacksonville, and CSX Railways.  

US Industrial REIT III is owned by affiliates of USAA Real Estate Company and other institutional investors and invests in high quality bulk distribution properties located in major markets throughout the United States. The REIT continues to actively pursue acquisitions in single and multi-tenant industrial distribution buildings of 250,000 square feet and larger in high growth target markets.  

"We are extremely pleased to acquire this premier asset occupied by GE, a Fortune 500 leader and mainstay within the industries it competes.  The purchase of this asset parallels our mission to accumulate a large portfolio of high quality assets," says USAA Real Estate Company Chairman and CEO Pat Duncan. "Few markets connect to three rail carriers plus a seaport, making this facility's location exceptional and a key contributor to the success of USIR III."

General Electric Company remains a leader in technology, as well as financial services through GE Capital. GE's Consumer & Industrial arm manufactures major appliances, air conditioners and water systems products, as well as electrical and lighting products in North America and through various private GE and private label brands.

About USAA Real Estate Company:

USAA Real Estate Company, with approximately $5 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