Topeka, KS – April 6, 2009 – (RealEstateRama) — USAA Real Estate Company, in development partnership with Seefried Industrial Properties, Inc., announced the acquisition of 74 acres of land in Topeka, Kansas 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 on March 5th to occupy the space upon its completion this fall. The transaction price has not been disclosed.
The tri-docked, industrial distribution warehouse will be located within Central Crossing Commerce Park – in the Class A South submarket of Topeka, the state’s capital – as part of Home Depot’s recent initiative to convert several direct-delivery facilities to Rapid Development Centers. The submarket, situated on the Kansas City/St. Louis corridor, makes up nearly a quarter of the area’s total industrial market.
“The site’s location within Topeka’s most industrially prosperous region brings great opportunity for both Home Depot and our investors,” says Pat Duncan, chairman and CEO of USAA Real Estate Company. “We are equally pleased to work with Seefried, who has completed several similar build-to-suit projects, and we look forward to future Home Depot collaborations with this national developer.”
The emerging regional distribution market is home to a Target Distribution Center completed in 2004 as well as Forbes Industrial Park and Topeka Air Industrial Park. Goodyear Tire, Frito-Lay and Hill’s Pet Nutritionals also operate centers in the area.
USAA Real Estate Company, with approximately $5 billion assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, retail and hotel properties as well as investments in real estate operating companies with annual volume transactions exceeding $1 billion. 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.