Four Springs Capital Trust Buys Another Amazon-Leased Industrial Property
Four Springs Capital Trust, a private real estate investment trust, has purchased MetCenter Building III, a last-mile distribution facility located in Austin, Texas and occupied by Amazon.
Four Springs Capital Trust, a private real estate investment trust, has purchased MetCenter Building III, a last-mile distribution facility located in Austin, Texas and occupied by Amazon.
While financial terms were not disclosed, the REIT purchased the property in an off-market deal from Mohr Capital, a Dallas-based privately held real estate investment firm.
The 160,000-square-foot warehouse/logistics building is located at 7000 Metropolis Drive in Austin’s Southeast industrial submarket. The property is 100 percent occupied by Amazon.com Services LLC and serves as its primary last-mile distribution facility in the Austin metro area. The acquisition also includes the adjacent 20-acre parking lot, which is also leased by Amazon.
Amazon.com Inc., the parent company of the tenant, has the largest industrial footprint of any occupier in the world, including 180 million square feet of space in the United States alone.
“After more than a year of owning the facility and the departure of one of its occupants, we worked closely with Amazon in 2020 and early 2021 to exercise its right of first offer to fully occupy the building through 2031. While our intention was always to hold this asset long-term, Four Springs’ off-market offer was very compelling,” said Rodrigo Godoi, Mohr’s managing director of investments.
He added, “The extended lease-term, the credit quality of the tenant, the solid real-estate fundamentals of the industrial market and the great relationship we have with Four Springs made this deal possible.”
The property is situated within MetCenter – a 550-acre, Class A, mixed-use business park 10 minutes from Austin’s urban core and adjacent to Austin-Bergstrom International Airport with immediate access to the city’s major thoroughfares.
In late March, The DI Wire reported that Four Springs Capital Trust purchased a 312,000-square-foot industrial distribution facility located in Oklahoma City and leased to Amazon for $44 million.
Four Springs Capital Trust owns and operates a portfolio of industrial, medical and service-oriented retail properties net leased to investment grade and other creditworthy tenants under long-term leases.
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