SAN ANTONIO, July 8, 2014 /PRNewswire/ -- USAA Real Estate Company today announced the acquisition of 57.45 acres in Salt Lake City, and on 31 acres of that land, the development of two distribution warehouses totaling 590,000 square feet. The company intends to hold the remaining 26.45 acres which, at a future date, could accommodate a third building totaling approximately 502,320 square feet. Seefried Properties, which has partnered with USAA Real Estate Company on projects totaling more than 12 million square feet, will co-develop the project.
Known as I-80 Logistics Center for its proximity to the busy Interstate 80, the new development is strategically located at the entrance to the Bonneville Center, a 480-acre master-planned business park two miles west of Salt Lake City International Airport. Salt Lake City enjoys strong tenant demand for Class A logistics facilities due to its central location, unparalleled access to major transportation corridors, and area geography dominated by two imposing mountain ranges that limit developable land.
"Situated midway between coasts and appointed with excellent infrastructure and transportation modes, Salt Lake City is a critical logistics hub particularly for western U.S. markets that are enjoying renewed economic growth," commented USAA Real Estate Company CEO Len O'Donnell. Demand for large-format, Class A warehouse space is high and growing among leading national corporations and, we're very pleased to participate in this outstanding development opportunity."
I-80 Logistics Center will be a Class A modern, highly functional industrial park, with the first phase of buildings measuring 305,760 square feet and 283,920 square feet. The concrete tilt, cross-docked warehouse and distribution facilities have a depth of 420'. Each building is designed to accommodate up to six separate tenants with storefront glass at each building corner and center section. The buildings will feature a minimum 32' clear height, ESFR fire sprinkler system, minimum 47 dock high-door positions, six grade level loading doors and a total of 65 trailer parking stalls each. The buildings can also be combined to serve a larger user with needs of up to 650,000 square feet.
About USAA Real Estate Company
USAA Real Estate Company, with approximately $12 billion in 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, multi-family, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate Company 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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- USAA Real Estate Company
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