Broad Street Advisors Announces the Sale of Home Depot Distribution Facility, Columbia, SC
New York, NY – December 11, 2009 – (RealEstateRama) — Broad Street Advisors of New York is pleased to announce the sale of the Home Depot Distribution Facility in Columbia, SC. The 465,600-square-foot property was purchased for approximately $25.9 million by an affiliate of New York-based American Realty Capital (ARC). The seller was a joint venture between USAA Real Estate Company and Industrial Development International, Inc. (IDI).
Broad Street Advisors sourced the transaction on behalf of ARC and arranged the financing. Robert Rizzi, Managing Partner at Broad Street, handled the transaction.
The state-of-the-art Home Depot Distribution Facility is strategically located within the Lexington County Industrial Park in Columbia, South Carolina, less than a mile from I-26 and I-77, and three miles from I-20. The project is to be completed later this month, with the BBB+ rated Home Depot signed to a 20-year lease.
“Clearly the commercial property sales market continues to be very sluggish. However, the Home Depot transaction is a good example of how we’ve been able to identify select disposition opportunities that make good sense for particular clients,” said Mr. Rizzi. “In this case, we’ve had long-standing relationships with both USAA Real Estate Company and ARC. Upon discussing the Home Depot deal with USAA, it was an obvious target for ARC, who is aggressively seeking freestanding single-tenant, commercial real estate assets, net leased long term principally to investment grade tenants. Sure enough, ARC moved very quickly in pursuing the acquisition, even closing three weeks early”, 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.
