Broad Street Advisors Announces the Sale of Home Depot Distribution Facility, Topeka, KS
Broad Street Advisors of New York is pleased to announce the sale of the Home Depot Distribution Facility in Topeka, KS. The 465,600-square-foot property was purchased by New York-based American Realty Capital Trust, Inc. (ARCT), a non-traded public REIT. The seller was an affiliate of USAA Real Estate Company.
Broad Street Advisors sourced the transaction on behalf of ARCT and arranged the financing, which was provided by USAA. Robert Rizzi, Managing Partner at Broad Street, handled the transaction.
The state-of-the-art Home Depot Distribution Facility is strategically located within the 500-acre Central Crossing Commerce Park in Topeka, Kansas, just 50 minutes west of Kansas City. With direct access to Interstate 70 and Highway 75, the location offers outstanding distribution opportunities from the central part of the country. Target also recently completed a distribution center in the park. The Home Depot project was completed in October, with the BBB+ rated tenant signed to a long-term lease.
“This is the second Home Depot distribution facility that we’ve closed in as many months,” said Mr. Rizzi. “After negotiation of the first transaction, USAA offered a second facility that was nearly identical. Given American Realty Capital Trust’s strong desire for freestanding single-tenant assets, net leased long-term to investment grade tenants, the second transaction was a natural fit. ARCT and its affiliate executed exceptionally on the deals, in each case closing early, and has quickly become one of the more active purchasers of credit tenant assets”, Mr. Rizzi added.
NOTES TO EDITORS
About Broad Street Advisors
Based in New York City, Broad Street Advisors provides broad-based real estate investment banking and advisory services to institutional, corporate, and commercial real estate clients. BSA has become an industry leader in the provision of high-end, expertly executed services for the retail, office, multi-family, hospitality and industrial sectors through equity placements for investors and developers, investment sales, debt placements and general consulting. Since 2006, Broad Street Advisors has executed on over eight billion dollars of transactions in 45 states.
About USAA Real Estate Company
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.