SAN ANTONIO, Feb. 17, 2011 /PRNewswire/ -- US Industrial REIT III, an affiliate of USAA Real Estate Company, announces the acquisition of a 1.1 million-square-foot, Class A bulk distribution facility located in Charleston, South Carolina. The property was acquired from sellers The Rockefeller Group and MeadWestvaco Corporation, joint venture partners. Andrew Merin and Stewart Calhoun of Cushman & Wakefield represented the seller in the transaction with local assistance from Colliers Keenan. The purchase price was not disclosed.
"We are pleased to add this exceptional, state-of-the art property in a select location to the US Industrial REIT III portfolio of quality assets," says USAA Real Estate Company Chairman and CEO Pat Duncan. "Proximity to a growing major U.S. port will continue to attract cargo traffic and the need for quality distribution space."
The LEED Gold- certified cross-dock distribution facility occupies 124 acres in the Rockefeller Group- MeadWestvaco Foreign Trade Zone. The distribution facility is one of four proposed buildings that make up approximately 2.7 million square feet of master-planned distribution space off I-26 along the Charleston Distribution Corridor in Berkeley County. The site is conveniently located 25 miles north of the Port of Charleston, one of the deepest ports in the Southeast. The Port of Charleston is currently undergoing a 10-year expansion to include a sixth terminal and an additional 1.4 million TEU capacity.
"The Charleston market is ideally located for distribution centers serving the entire East Coast," said Edward Guiltinan, Sr., Regional Director of RGDC. "Not only is it half way between Miami and New York City but the park has excellent interstate highway access in addition to its proximity to both the Charleston International Airport and the deepwater Port of Charleston."
"We are pleased with the successful completion of this 1.1 million square foot building on time and on budget. That performance, and now the sale of the building demonstrates our commitment to facilitating the economic growth of the Charleston region." said Kenneth T. Seeger, president, MWV Community Development and Land Management. "We look forward to continued work with local and state leaders to bring more jobs to the Lowcountry."
About USAA Real Estate Company
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, multi-family, 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.
MeadWestvaco Corporation (NYSE: MWV), provides packaging solutions to many of the world's most admired brands in the healthcare, beauty and personal care, food, beverage, home and garden, tobacco, and commercial print industries. The company's businesses also include Consumer & Office Products, Specialty Chemicals, and the Community Development and Land Management Group, which sustainably manages the company's land holdings to support its operations, and to provide for conservation, recreation and development opportunities.
With 19,000 employees worldwide, MWV operates in 30 countries and serves customers in more than 100 nations. MWV manages all of its forestlands in accordance with internationally recognized forest certification standards, and has been named to the Dow Jones Sustainability World Index for the seventh consecutive year.
For more information, please visit www.mwv.com.
About Rockefeller Group Development Corporation
RGDC is a national owner, developer, and manager of prestigious commercial real estate properties. Its development capabilities include corporate headquarters, landmark properties, multi-use urban complexes, multinational distribution facilities, suburban business parks, and foreign trade zones. RGDC, with regional offices in Arizona, California, Florida and New Jersey, is an operating company of The Rockefeller Group, developer of Rockefeller Center in New York City. For more information, visit www.rockgroupdevelopment.com.
SOURCE USAA Real Estate Company