Macquarie Asset Management’s real estate arm has added a 3.8m sqft logistics asset to its US portfolio.
Macquarie Asset Management Real Estate said it has bought the warehouse distribution facility in Wilmington, Delaware without disclosing a price.
According to people familiar with the matter, the manager paid around $392m (€338.7m) to buy the asset situated on Boxwood Road on the site of a former General Motors plant.
The deal represents the largest acquisition to date made on behalf of a US separate account mandate by Macquarie’s US core/core-plus real estate team.
Christopher Quiett, the head of US core/core-plus real estate at Macquarie Asset Management, said: “This is a highly efficient fulfilment centre format in a strategic location which provides access to more than 17 million people within a two-hour drive.
“We’re delighted to be able to expand our portfolio with another signature logistics asset.”
Macquarie’s US core/core-plus real estate team recently bought 375 Broadway, a fully-leased mixed-use building in New York City’s SoHo neighbourhood as well as fully-leased creative office buildings in Phoenix, AZ and Seattle.
In March last year, the team acquired Brandon Woods III, a logistics portfolio in Baltimore’s Anne Arundel County.
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