The distribution facility was built in 1997 at 948 Meridian Drive in the 660-acre Meridian Business Campus.
"The facility fits the REIT's investment criteria well," a USAA spokeswoman tells GlobeSt.com. "It is located in a very desirable in-fill location."
Sources say $1.5 million of the sales price provided for the REIT's purchase of nearly 12 acres of land adjacent to the facility, which a spokeswoman says it plans to use for future development. The company declined to disclose further details on plans for the site. The business park is adjacent to the Burlington Northern Railroad and close to several major highways, including Interstate 88.
"This acquisition marks the REIT's entry into the Chicago marketplace which is considered the industrial capital of the Midwest," says Pat Duncan, USAA chairman and CEO.
The REIT owns 33 buildings totaling more than 18 million square feet. The portfolio is mostly comprised of single and multi-tenant distribution properties of 250,000 square feet and larger in major markets scattered across the US. USAA declined to comment on the overall value of the REIT's assets.
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