Tishman Speyer announced the acquisition of two “middle mile” distribution centers in Colorado and Pennsylvania.
Tishman Speyer, Hana Financial Group (HFG), and Vestas Investment Management (Vestas) purchased the facilities, both of which are 100 percent leased, from SunCap Property Group, the developer of the properties.
The portfolio acquisition is the first by Tishman Speyer and Hana Financial Group (HFG) as part of a new $500 million co-investment vehicle targeting a diversity of asset classes and global markets.
As part of the portfolio transaction, Tishman Speyer, HFG, and Vestas acquired a 279,000 square-foot Class A industrial property located at 4333 Integration Loop (pictured top) in Colorado Springs. It is located approximately three miles from the Colorado Springs Airport.
The second Class A industrial facility is located at 17 William Drive in the Imperial neighborhood of Allegheny County. Completed in 2021, the 278,000 square-foot distribution and sorting center is situated approximately five miles from Pittsburgh International Airport.
4333 Integration Loop and 17 William Drive are the first properties that will be owned and operated through Tishman Speyer’s newly formed industrial properties platform.
“The launch of our new industrial property platform represents another milestone in the ongoing growth of our diversified global platform,” said Tishman Speyer President and CEO Rob Speyer. “We and our investment partners at Hana and Vestas were drawn to these assets for their strategic locations, strong in-place leases, and quality of construction. These distribution centers also have flexibility to accommodate a wide range of tenants and industries throughout their lifespans.”