US Industrial REIT II Acquires Cinram Distribution Center
(San Antonio) US Industrial REIT II added the Cinram Distribution Center to its portfolio of large scale bulk distribution properties which spans major markets throughout the United States. US Industrial REIT II, owned by affiliates of USAA Real Estate Company and other institutional investors, acquired the property from Cinram Distribution, LLC on January 21, 2009. The purchase price was not disclosed.
Canadian-based Cinram manufactures and distributes DVDs, CDs and computer software for customers that include Warner Home Video, Warner Music Group and Twentieth Century Fox Home Entertainment. Cinram Distribution executed a long term lease at the property.
“We are very pleased to be adding this quality asset to the US Industrial REIT II portfolio,” cited Pat Duncan, Chairman and CEO of USAA Real Estate Company. “This acquisition marks the REIT’s entry into the Chicago marketplace which is considered the industrial capital of the Midwest.”
The 595,000-square-foot facility is a state-of the-art distribution center which was built in 1997. In addition to the property, the REIT also purchased an additional 11.7 acres of adjacent land. The property is well located within the 660 acre multi-use Meridian Business Campus in Aurora, Illinois. This Midwestern hub sits at the juncture of several major highways and adjacent to the Burlington Northern Railroad.
US Industrial REIT II invests in high quality bulk distribution properties located in major markets throughout the United States. The REIT continues to actively pursue acquisitions as it continues to invest primarily in single and multi-tenant industrial distribution buildings of 250,000 square feet and larger in high growth target markets.
USAA Real Estate Company, with over $5 billion assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. In addition the company provides separate accounts and investment funds for domestic and foreign investors. The USAA portfolio consists of office, industrial, retail and hotel properties with annual volume transactions exceeding $1.5 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.