Macquarie CNL Global Income Trust has acquired a distribution center in Pflugerville, Texas that is fully leased to FedEx Ground Package System Inc. The property was acquired for $4.55 million.
‘‘We believe this transaction aligns with our goal of building a portfolio of properties that can provide stable income to our shareholders,’’ says Andy Hyltin, president of Macquarie CNL Global Income Trust.
The company plans to build a portfolio of U.S. and international properties, with potentially up to 60% of its assets located outside the United States. The company seeks to become a public, non-traded real estate investment trust.
Built in 1991, the 51,189 sq. ft. distribution center in Pflugerville is located on 12.29 acres in the heart of a busy commercial area. The property is adjacent to Interstate 35 with direct access to State Highway 45 and downtown Austin. The distribution center is in the vicinity of local airports and is surrounded by numerous industrial facilities and big-box retailers.
‘‘When considering potential investments, we not only look at the strength of the tenant, but also the fundamentals of the local market,’’ explains Hyltin. ‘‘The Austin metro area performed better than many other cities during the recession.’’
Austin has one of the highest concentrations of technology and biotechnology companies nationally. The unemployment rate dropped from 6.8% in March to 6.5% in April, significantly lower than the U.S. unemployment rate of 9% in April.
The Austin-Round Rock metropolitan area, the fourth largest in Texas with an estimated population of 1.7 million, is one of the fastest growing regions in the country. The population has ballooned by more than 40% in the past decade.