Principal Real Estate Investors Purchases an Industrial Portfolio in Nashville, Tenn.
October 23, 2006 (Des Moines, Iowa) — Principal Real Estate Investors, the real estate investment group of Principal Global Investors, has purchased three Class A industrial buildings in Nashville, Tenn. Developed in phases from 1998 to 2001, buildings I, III and IV are part of the MidSouth Logistec Center. Principal Global Investors is a diversified asset management organization with world-class investment expertise in fixed income, equities and real estate.
"We consider the MidSouth Logistec Center one of the best distribution parks in the Nashville area," said Rick Massa, acquisitions manager for Principal Real Estate Investors. "The purchase of the three MidSouth buildings is consistent with our acquisition strategy to acquire well located, high quality assets."
The MidSouth Logistec Center is a 240-acre master planned distribution park developed by Ozburn Properties. Situated on a total of 80 acres, each of the three cross-dock facilities offer a total of 1,531,012 square feet of industrial space and are currently 100 percent leased. Major tenants include Hewlett-Packard, Ozburn-Hessey Logistics, Waldenbooks, Genco and United Stationers.
Douglas McDowell and Randy Wolcott with ProVenture Commercial Real Estate brokered this transaction.
About Principal Real Estate Investors
Principal Real Estate Investors is the fourth largest institutional real estate manager in the United States based on tax-exempt assets under management1 and manages or subadvises $35.4 billion in commercial real estate assets. The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors.
About Principal Global Investors
Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group®, with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services. Principal Global Investors manages $168.8 billion in assets primarily for retirement plans and other institutional clients.2
About The Principal Financial Group
The Principal Financial Group® (The Principal®)3 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and banking through its diverse family of financial services companies and national network of financial professionals. A member of the Fortune 500, the Principal Financial Group has $206 billion in assets under management4 and serves some 16.3 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
1) As of June 30, 2006. Pensions & Investments magazine annual survey of real estate managers, Oct. 16, 2006.
2) As of June 30, 2006. Principal Global Investors is the asset management arm of the Principal Financial Group® (The Principal®), and includes the global asset management operations of the following members of The Principal Financial Group: Principal Global Investors, LLC, its U.S. and foreign advisory affiliates, and the asset management operations of Principal International, Inc. and its member companies.
3) "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
4) As of June 30, 2006.
