The property includes 166,130 sf of warehouse space in two buildings and 12,605 sf of industrial-style office space, a source familiar with the deal tells GlobeSt.com. The property is 60% leased. Tenants include Glory & Pompea SA, which occupies 53,765 sf, and Distribuciones Codina SL, which occupies 55,003 sf. GE Real Estate declined to comment on the remaining lease terms of the tenants.
The development is located in the El Raiguer Industrial Estate, located at Exit 13 of the AP7, 15 miles from Barcelona on the Autopista del Mediterraneo, which runs between Barcelona and France.
GE Real Estate has allocated $1.84 million to refurbish the vacant space and upgrade amenities and facilities. Property advisors Estrada & Partners provided due diligence and will market the warehouses and supervise the improvements.
GE Real Estate Iberia managing director Marcelo Horcel says the asset "has tremendous potential but…requires substantial management effort to unlock its reversionary potential."
The acquisition is its fourth in the region. In March 2005, GE Commercial Finance Real Estate Iberia and GMP Sociedad de Inversiones Inmobiliarias SA (GMP) paid what now amounts to $80.43 million (euro 65.5 million) for a 201,000-sf office building. The building forms part of the consolidated business area of Condesa de Venadito, 1, Madrid, next to the M-30 ring road and the A2 motorway.
GE Real Estate and GMP acquired the property through their 80-20 joint venture Renta Apartamentos SL. Eurohypo provided the funding for this acquisition. CB Richard Ellis advised the joint venture.
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