USAA Grabs 3 MSF Metro Atlanta Industrial Portfolio

USAA Real Estate has gotten its hands on a big piece of the Atlanta area's industrial inventory--a 3 million-square-foot piece, acquired from Prologis.

USAA Real Estate has just gotten its hands on a big piece of the Atlanta area’s industrial inventory–an approximately 2.8 million-square-foot piece. The company acquired the portfolio, which is fully leased, from Prologis.

The group includes a 506,200-square-foot facility in Braselton, a 1 million-square-foot property in Fairburn and a 1.2 million-square-foot distribution center in McDonough.

It’s not just any portfolio leased to any tenants. The properties are Class A assets and they are leased to tenants who are nothing if not creditworthy. PETCO Animal Supplies Stores Inc., Owens Corning Insulating Systems L.L.C. and Home Depot USA Inc. are the sole names on the respective tenant rosters.

And the assets have something else to offer — location. As Pat Duncan, chairman and CEO of USAA, noted in a prepared statement, “The Atlanta Industrial Portfolio offers a unique opportunity to acquire three premier-quality distribution facilities within a core inland port market.”

Metropolitan Atlanta’s industrial sector continues its upward trajectory; the third quarter marked the area’s eighth straight quarter of absorption. Absorption in the three months ending in September reached 2.6 million square feet, bringing the year-to-date total to 7.8 million square feet.

In terms of investment sales, real estate companies are certainly paying close attention, and industrial users are very much in the game, too. Recent transactions include electronics recycling concern PlasMet’s purchase of the 171,000-square-foot facility at 1415 Constitution Rd. in Atlanta and Impact Church’s acquisition of the 75,000-square-foot industrial building at 2323 Sylvan Rd. in East Point.