Denver, Colorado (PRWEB) October 07, 2012
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.
Amstar Advisers, LLC is a global investment manager focused on creating value for its clients through the implementation of sound real estate-related investment strategies. The firm is an affiliate of, and is commonly managed by, Amstar Group, LLC, a real estate asset manager with over 25 years of experience in acquisition, development, and capitalization of office, hotel, multifamily, industrial, and retail properties within the major markets of the United States and select markets in Europe and Latin America. Together, Amstar Advisers, LLC and Amstar Group, LLC (collectively referred to as “Amstar”) have approximately $2.0 billion in assets under management. Amstar's core investment strength lies in maintaining disciplined and diligent underwriting while decisively taking advantage of opportunities in a rapidly changing investment environment. For more information on Amstar, go to http://www.amstar.com or contact Amstar Managing Director Rob Toomey at rob(dot)toomey(at)amstar(dot)com.
About Huntington Industrial Partners
Huntington Industrial Partners is an industrial real estate operating company with a strategic focus on acquiring and developing infill industrial properties in select U.S. markets. Huntington has offices in Atlanta, Dallas, Denver and Southern California that are staffed by local teams with extensive industrial experience, local market knowledge and established networks of market contacts.