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5M-SF USAA RealCo Portfolio Attracted National, International Bidders

DALLAS-In this UPDATE to a previous article, CBRE's Jack Fraker, who helped represent USAA in disposing of its eight-building portfolio, tells GlobeSt.com that buyer Duke Realty had plenty of competition during the marketing period.

By Amy Wolff Sorter | Updated on June 18, 2013

DALLAS-When USAA Real Estate Co. brought its 4.9-million-square-foot, class A industrial portfolio to market some months ago, it attracted the interest of several bidders, both from the United States and other countries. The portfolio, dubbed the US Core Logistics Portfolio, ended up going to Duke Realty because the Indianapolis-based buyer was thorough in its due diligence, transparent about its processes and was willing to assume some debt on parts of the portfolio.

“It was a difficult decision. All the competition was very good, and we had to go a couple of rounds to the best and final process,” comments Jack Fraker, CBRE’s managing director of CBRE’s capital markets industrial practice and vice chairman within the investment properties-institutional group. Fraker, who led the team representing USAA RealCo., tells GlobeSt.com that, throughout the marketing and escrow process, the seller dealt directly with the buyer’s management, which is what helped Duke beat out 14 other offers for the portfolio. “This showed us Duke had all the internal support in this transaction,” Fraker comments.

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