EL SEGUNDO, Calif., Aug. 11, 2020 /PRNewswire/ — Ocean West Capital Partners (“Ocean West”) announced today that it has closed on the acquisition of a brand-new 2.3 million square foot distribution and warehouse facility in Dallas, TX with a purchase price of $246.7 million. The build-to-suit facility is leased long-term to a Fortune 500 investment-grade tenant, and expands the growing industrial joint venture partnership between Ocean West, Tiger Alternative Investors, Ltd. (“Tiger”), Korea Investment & Securities Co., Ltd. (“KIS”), and VEREIT, Inc. (“VEREIT”).
Together this investment group has now acquired over $650 million of industrial assets over the past 15 months. This latest acquisition marks the seventh property in its portfolio, which is focused on single-tenant industrial assets with long-term leases to investment-grade rated tenants.
The 2,310,000 square foot, state-of-the-art facility will be one of the tenant’s largest distribution centers in the country and will serve as a flagship model for its supply chain expansion initiative. The innovative distribution center is designed to maximize efficiency in their e-commerce, traditional retail, and direct-to-consumer operations. With a strategic, central location off Texas State Highway 180 and the Belt Line Loop, the facility is positioned to service a radius of over 500 miles and will play an important role in the tenant’s developing supply chain strategy.
“The combination of the property’s innovative and efficient design, its strategic logistical location, and the long-term investment-grade lease made this facility an ideal addition to our growing partnership with VEREIT, KIS and Tiger,” said Russ Allegrette, Principal at Ocean West. “We look forward to acquiring more high-quality assets such as this to our portfolio.”
“VEREIT will continue to expand this portfolio by seeking out high-quality assets with best-in-class specifications, strong regional locations, and necessary and important roles within the industrial market,” added Thomas W. Roberts, Executive Vice President and Chief Investment Officer at VEREIT.
Ocean West Capital Partners is a full-service real estate investment, operations, and management platform dedicated to identifying and executing opportunities that create long-term value for its partners and investors. Since its formation in 2009, Ocean West has acquired and operated office, industrial and multifamily residential investments valued at over $3.5 billion and completed over $6.5 billion of commercial real estate transactions. Ocean West has managed over 13 million square feet of commercial and multifamily properties for its own account and on behalf of third-party owners and loan servicers. Learn more about Ocean West by visiting www.oceanwestcp.com.
KIS is a leading securities company in Korea with a comprehensive range of asset management and investment banking services including securities brokerage for domestic and international investors, underwriting, IPOs, derivatives, real estate, fund management, and financial advisory services.
Tiger was established in 2018 and spun off from one of the top performing hedge funds in Korea. Since its inception, Tiger oversees over US $1.9 billion AUM in diversified asset types and regions. With extensive institutional investor relationship and capital market expertise, Tiger creates sustainable value for clients.
VEREIT is a full-service real estate operating company which owns and manages one of the largest portfolios of single-tenant commercial properties in the U.S. VEREIT has total real estate investments of $14.8 billion including approximately 3,900 properties and 89.5 million square feet. VEREIT’s business model provides equity capital to creditworthy corporations in return for long-term leases on their properties. VEREIT is a publicly traded Maryland corporation listed on the New York Stock Exchange. VEREIT uses, and intends to continue to use, its Investor Relations website, which can be found at www.VEREIT.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Additional information about VEREIT can be found through social media platforms such as Twitter and LinkedIn.