GlobeSt.com EXCLUSIVE: Transpacific Acquires 3M-SF Portfolio for $129M

TORRANCE, CA-Transpacific Development Co. has acquired a seven-building industrial portfolio totaling 3.15 million sf in Indianapolis and in Columbus, OH from Houston-based Pinchal & Co. for $129 million. Tom Irish, president of TDC, tells GlobeSt.com that the company bought the properties, known as the Crossroads Logistics Portfolio, as part of a strategy in which it is redeploying funds.Based upon the aggressive pricing in Torrance-based TDC's home market of California, the company "made a strategic decision to sell some of our assets here and redeploy those funds in long-term, stable properties elsewhere in the US." So far in 2005, TDC has acquired more than four million sf of distribution property in three of the top 15 distribution markets in the country--Indianapolis, Columbus and Dallas.At the same time, TDC has sold an office building and hotel in California, in transactions totaling nearly $240 million. Irish tells GlobeSt.com that the company expects to accelerate this program next year and hope to complete acquisitions and dispositions totaling more than $500 million in 2006."We are actively searching for class A distribution and office properties, particularly with long-term credit tenancies," Irish says. The properties that TDC acquired in the Crossroads Logistics Portfolio in Indiana are 710 S. Girls School Rd., 7451 Tempelhof Dr. and 7452 Tempelhof Dr., all in Indianapolis; 901 E. Northfield Dr. in Brownsburg and 3100 Reeves Rd. in Plainfield. Its new Ohio properties, both in Grove City, are at 5701 N. Meadows Dr. and 5900 N. Meadows Dr.All of the properties except 5701 N. Meadows are 100% leased, bringing the occupancy of the entire portfolio to 97%, and all were developed between 1996 and 2003. The 5701 N. Meadows has a 24-foot clear height, while all of the rest are high-cube distribution buildings with clear heights ranging from 28 feet to 32 feet. Major tenants include the United States Postal Service, Thomson Consumer Electronics and Carrier Corp.John E. Huguenard, SIOR, CCIM, of Colliers Investment Services Group in Indianapolis represented Pinchal & Co., which is a privately held real estate investment firm that was founded in 1986 and owns institutional grade warehouses in the Midwest, Southeast, Texas and California. Transpacific Development Co. has developed nearly 10 million sf of property in California, Arizona and Hawaii. The firm's affiliates own approximately 7.5 million sf of class A office and distribution property valued at $750 million.