CARROLLTON, TX-After six years of one-off buys, Dallas-based Americo Real Estate has broken out of the chute with a class A portfolio acquisition of 353,311 sf of office/warehouse product from Principal Financial Group. The 95%-leased package has brought north of $30 million.

Americo senior vice president Shane Clark tells that the heavily marketed four-building portfolio closed 45 days after the contract was placed, including the processing of a 10-year loan with New York City-headquartered Column Financial Inc. “This is a coup for us,” Clark says, “a good deal for small guys competing in a tough equity environment.” The buyer of record is Americo-Valwood LP.

The package consists of a 54,000-sf building at 1617 W. Crosby Rd.; 99,656-sf structure at 1400 Valwood Parkway; 98,965-sf office/warehouse at 1650 W. Crosby Rd.; and 100,490-sf building at 1645 Wallace Rd., all in Carrollton’s Valwood Industrial Park. Lead tenants are TAC Americas Inc., a division of France’s Schneider Electric, the Piscataway, NJ-based Trane and Daikin Industries Ltd. of Osaka, Japan, which inked a lease while the deal was en route to the closing table.

The asset has nine tenants, with rents ranging from $5.50 per sf to $9 per sf. “Nothing rolls until January 2008,” Shane says, adding that was the strong appeal for the chase.The Des Moines-based Principal brought the package to market without an ask. The CB Richard Ellis Inc. team of Jack Fraker, Randy Baird and John Robinson steered the disposition along with the seller’s Ryan Schmidt. The portfolio, developed in 1998 and 2001, traded at slightly less than an 8% cap rate on the existing NOI, according to Clark. The buy side consisted of Americo’s chairman Sydney Steiner, president Ben Weil Jr. and Clark.

For the last six years, Americo has stuck to a $1-million to $30-million acquisition strategy, picking off one building at a time, predominately industrial stock. Clark says the team wants “everyone to know we’re buying portfolios too.”

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