SOURCE: SparrowHawk

SparrowHawk

February 24, 2015 09:30 ET

SparrowHawk-PowerOne Industrial Announce Acquisition of $57 Million North Carolina Portfolio

HOUSTON, TX--(Marketwired - Feb 24, 2015) - SparrowHawk Holdings-PowerOne LP is pleased to announce the acquisition of a three building, 1.33 million square foot portfolio in North Carolina from an entity controlled by GE. The portfolio is comprised of Class A bulk warehouse and distribution facilities and is 100% leased to strong credit tenants listed on the NYSE, including Proctor & Gamble, Sonoco Display and Packaging and MWI Veterinary Supply, Inc. (soon to be acquired by AmerisourceBergen). The properties are strategically located in North Carolina's Piedmont Triad (Greensboro, Winston-Salem and High-Point), a region well known for its pro-business fundamentals and strong growth, and are within one mile of Proctor & Gamble's manufacturing facility at Browns Summit, slated for a $100 million expansion.

The acquisition was completed in partnership with Pure Industrial Real Estate Investment Trust, an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in leading markets and trades on the TSX.

SparrowHawk's founder, Alfredo Gutierrez, said, "This acquisition is a strategic one in a strong, growing industrial market. It adds additional tenant credit to the existing portfolio and continues to provide above average returns."

John Huguenard and Sean Devaney with Jones Lang LaSalle advised on the transaction.

SparrowHawk Holdings-PowerOne LP is a private real estate investment partnership operated by Houston-based SparrowHawk, LLC, established with the goal of building a high-quality, stabilized portfolio of institutional grade properties throughout regional distribution markets in the United States, with a focus on the warehouse and distribution segment of the industrial market. In addition to the Triad properties, the partnership owns 1.2 million square feet of single-tenant and multi-tenant industrial properties in Chicago and St. Louis.

About Houston Based SparrowHawk, LLC
SparrowHawk, LLC is a privately held industrial real estate firm headquartered in Houston, Texas. SparrowHawk's Founder Alfredo Gutierrez has over 25 years of successful industrial real estate experience, and specializes in the acquisition, management, enhancement and disposition of quality industrial properties throughout the continental United States, for the benefit of institutional investors, broker and tenants.

Contact Information