Home Commercial Deutsche Asset Management Transfers over $111MM Worth of Industrial Assets to Affiliated...

Deutsche Asset Management Transfers over $111MM Worth of Industrial Assets to Affiliated LLC

Black Creek Group, Northern California, Seattle, Black Creek Industrial Fund, San Antonio Fire and Police Pension Fund

By Brittan Jenkins

Deutsche Asset Management, an affiliate of the financial Deutsche Bank Group, transferred $111,750,000 worth of industrial space in the Puget Sound region to another entity of the bank, the RREEF Core Plus Industrial Fund.

There is a total of seven assets in the Seattle market that are in the seeded portfolio that will be placed into the RREEF Core Plus Industrial Fund. Five assets are in Kent and two in Tukwila. The most substantial asset is located at 6751 S. 216th St. in Kent, which had a dollar amount of $58,250,000. King County public records indicate the property is a 22,809 square foot storage and warehouse building that was built in 1986.

The other Tukwila warehouse space Deutsche moved around is the Tukwila Commerce Park, at 12600 Interurban Ave. S., which had a dollar amount of $33 million for the 40,500 square foot building. While the Tukwila Commerce Park is comprised of 27 buildings, records show the description for the property as being warehouse building A.

The group also transferred another warehouse space in Kent at 6603 S. 209th St. with a value of $20,525,000. That building is a 78,362 square foot space that was built in 2007.

These properties are part of a net sales price of $308 million of properties that were sold from Los Angeles County Employees Retirement Association (LACERA) to the RREEF fund. The other 11 properties in the seeded portfolio are a variety of markets in Southern California, three in Illinois and one in New Jersey. The sale of this portfolio was done through Invesco Real Estate as an independent fiduciary. This was necessary as RREEF had owned these as a separate account manager for LACERA.

RREEF America LLC, an affiliate of Deutsche Bank, is now raising capital for the Core Plus Industrial Fund. LACERA is an investor in the fund with a $125 million commitment. RREEF is seeking an initial capital raise of $2 billion for the core plus open-ended commingled fund. The targeted markets for the fund will be Seattle, the San Francisco Bay Area, Southern California, Denver, Dallas, Chicago, Atlanta, Miami and New York/New Jersey.