August 19, 2011 – (RealEstateRama) — DEXUS Property Group today announced the sale of a LEED-certified 496,000 square feet freezer facility in Riverside, California. USAA Real Estate Company owned and sold the building as well as furnished all of the development capital for the facility. Developed by DEXUS and completed in only ten months, the specialized building was sold for $91.5 million and is one of the largest and leading state-of-the-art LEED-certified cold storage facilities in the world.
The facility was sold to Cole Real Estate Investments, one of the nation’s leading investors in high-quality, income-producing retail, office and industrial real estate assets. The sale was arranged by CB Richard Ellis on behalf of USAA Real Estate Company which provides co-investment, acquisition, build-to-suit and development capital to various real estate developers across the country. DEXUS, the developer for the building, is one of the world’s leading real estate groups with over $13.8 billion of property assets under management, primarily in the United States and Australia.
Bruce McDonald, DEXUS Managing Director of Asset Management and Development, said: “We are pleased to deliver a profitable project on behalf of our client USAA. This transaction builds on our strong relationship and we look forward to exploring future opportunities with USAA on the development of other large built-to-suit industrial projects in our key west coast markets.”
The energy efficient building features lighting and energy management controls that will save more than 4 million kilowatt hours of energy per year. It also boasts above standard grade construction materials and metal-clad foam insulation that lines the interior of concrete panels. Other unique characteristics include a “tilt-up” concrete structure throughout and the capability to regulate temperatures to -10 degrees in all areas. The building also includes 42 feet interior clear height, 22,500 square feet of office space, 565 parking stalls and 120 trailer stalls, 98 dock doors, 18 high-speed interior cooler doors and 135 permanently housed forklifts.
Pat Duncan, Chairman and CEO of USAA Real Estate Company said: “This LEED certified freezer facility is by far one of the most state-of-the-art distribution buildings in the U.S. It has been a pleasure working with the DEXUS Development Team and we look forward to more opportunities in the future.”
Darla Longo with CB Richard Ellis Group, Inc. (CBRE) said: “This new facility built by DEXUS has significant long term residual value, providing unmatched function and strategic access to the prestigious Southern California consumer market and the larger Western region.” Longo and Barbara Emmons, also with CBRE, handled the marketing of the facility.
DEXUS is one of the world’s leading real estate groups with more than US$13.8 billion in office, industrial and retail assets under management, primarily in the United States and Australia. DEXUS has a corporate history of more than 25 years and has operated in the US since 2004 with a long-term objective to become a market leader in industrial real estate on the west coast. In June 2010, DEXUS announced the expansion of its US team with the addition of the Master Development Corporation (MDC) team, adding extensive industrial real estate management and development expertise in the Southern Californian market. For more information, visit www.dexus.com/us.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
About USAA Real Estate Company
USAA Real Estate Company manages a multi-billion dollar portfolio including recent acquisitions of $3 billion and under development assets of $2 billion. The company provides co-investment asset management services to U.S. pension funds as well as foreign and domestic institutional investors. USAA Real Estate Company also provides capital to partners across the country for development in virtually all product types. The portfolio consists of office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. 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.
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