10.01.12 – Amstar, Huntington Industrial Partners Acquire 1M Square Feet of Industrial Properties
Amstar, Huntington Industrial Partners Acquire 1M Square Feet of Industrial Properties
Amstar, a Denver-based real estate investment manager, and Huntington Industrial Partners, a fully integrated industrial owner and operator, announced today the acquisition of seven industrial properties, totaling more than 1 million square feet, in the Southeastern United States. The partnership acquired the properties within the past three months as part of Amstar’s larger industrial strategy, which is focused on acquiring well-located, substantially leased properties Amstar believes are undervalued, providing high current income, and offering the potential for attractive investment returns. The properties are located in Atlanta’s Airport and Fulton County Industrial submarkets and in Nashville’s Interchange City submarket.
In Atlanta, the partnership acquired a 187,134-square-foot bulk industrial property located at 3760 Southside Industrial Parkway in Atlanta’s Airport submarket. The property, which is 100% leased, is centrally located two miles from Hartsfield-Jackson Atlanta International Airport and one mile from the I-75/I-285 intersection.
Also in Atlanta, the partnership purchased four industrial buildings ranging in size from 105,600 square feet to 180,000 square feet in the Atlanta West business park and one 159,607-square-foot-building in the Westgate business park. All five properties are located in the Fulton County/I-20 West submarket, an established, infill location with easy access to I-20 and I-285. Collectively, the Atlanta West and Westgate properties are currently 90% leased to six tenants.
In Nashville, the partnership acquired 1325 Heil Quaker Boulevard, a 187,930-square-foot bulk industrial property located within Nashville’s largest and most vibrant industrial submarket, Interchange City. Less than one mile from I-24, the property offers superior access to Nashville’s highway network, including three major interstate systems (I-40, I-24, and I-65). The property, which offers a functional design including cross-dock capability, is 100% leased.
“These recent acquisitions fit perfectly into Amstar’s industrial strategy targeting stabilized, well-located industrial properties within select research-driven markets that provide attractive current income and the potential for appreciation through proactive asset management. Partnering with Huntington on these investments affords Amstar the opportunity to construct a diversified portfolio of industrial properties with a partner who has deep experience in the U.S. industrial property markets,” said Amstar Senior Vice President Tricia Noble, who leads the firm’s industrial investment platform.
“These properties are consistent with Huntington’s strategy of purchasing institutional quality assets in key industrial markets at discounts to replacement cost. We are pleased to partner with Amstar on our initial acquisitions in the Atlanta and Nashville markets,” said Huntington Industrial Partners President John W. Seiple Jr.