September 11, 2009 – (RealEstateRama) — USAA Real Estate Company, in development partnership with Seefried Industrial Properties, Inc., announced the acquisition of 46.12 acres of land in Tolleson, Arizona for the build-to-suit development of a 465,600-square-foot regional distribution center. Home improvement specialty retailer Home Depot, Inc. signed a 20-year lease to occupy the space upon completion. The transaction price has not been disclosed.
The Home Depot, Inc., founded in 1978, specializes in building materials, home improvement supplies as well as lawn and garden products retailed from 2,200 stores in North America and China. The Tolleson facility is one of several Rapid Development Centers (“RDC”s) co-developed by USAA as part of Home Depot’s conversion to regional distribution.
The tri-docked, industrial distribution warehouse will be located in the well-established commercial and distribution hub of Tolleson, just 10 miles west of downtown Phoenix. The emerging industrial submarket, with its accessible location south of I-10 and the Loop 101 interchange, has become an attractive conduit to other southwest markets.
“The site’s proximity to Phoenix, its long term lease with a very strong credit in Home Depot will make an excellent investment,” says Pat Duncan, chairman and CEO of USAA Real Estate Company. “We are very pleased to collaborate once again with Seefried, who has completed several similar build-to-suit projects including the co-development of the Home Depot RDC in Topeka, Kansas. “We look forward to another successful venture.”
The city of Tolleson, located in Maricopa County, maintains a strong manufacturing base that stems from a rich agricultural history. Prominent employers including Kroger, Albertsons and Sysco Corporation do business in the area. Phoenix is also home to USAA Insurance Company’s western regional office.
USAA Real Estate Company, with over $5 billion of assets, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. In addition the company provides investment vehicles for domestic and foreign investors. The USAA portfolio consists of office, industrial, retail and hotel properties with annual volume transactions exceeding $3 billion. USAA Real Estate Company is a subsidiary of USAA, which has served military families since 1922 and has become one of America’s leading financial services companies. For more information about USAA Real Estate Company, visit www.usrealco.com.
