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background-Alliance Logistics | Properties

  • Acquired

    October 2022

  • Location

    Dallas, Texas

  • Sector

    Industrial

  • Size

    1,236,473

    sq ft

Alliance Logistics

Outside view of building

Alliance Logistics portfolio is a core portfolio of seven class A industrial assets in the Dallas metro area. The portfolio was 100% leased at acquisition, with in-place rent estimated to be 21.9% below comparable rents in the market, providing mark-to-market opportunity. The acquisition basis for the portfolio is $109.80 per square feet, which is 17% below estimated replacement cost.

The rent roll is comprised of 10 tenants from a variety of industries, including aircraft seating manufacturing, food and beverage distribution, healthcare and pharmaceuticals, third-party logistics, and home securities systems. Due to this industry diversity, we believe the portfolio is well-insulated from economic changes. The tenancy has an attractive credit profile, with multiple tenants maintaining investment grade credit ratings.

The seven buildings have an average building vintage of 2000. The portfolio consists of six light industrial assets and one bulk building.

The submarket of Alliance has emerged as one of Dallas-Fort Worth’s (DFW) primary industrial nodes, with close proximity to Alliance Airport, and two domestic rail service lines. The submarket also has access to I-35, and multiple highways which conveniently connect Alliance to the Dallas-Fort Worth (DFW) airport, Denton, and McKinney. Effective vacancy in the submarket is 2.6% at time of acquisition.

The portfolio is an off-market opportunity to gain scale, at a significant discount to replacement cost, in the second-largest industrial market in the U.S. The 100% leased portfolio, with minimal planned capital expenditure, we believe it can provide a durable cash flow stream, and help GCREIT maintain a strategic overweight to well-located, industrial real estate with strong underlying fundamentals .
Richard Kimble, Portfolio Manager

Property image

Storagey
Further Information:
Global city:

Dallas is now the fourth largest metropolitan area in the U.S., with a population of 7.9 million, and it is also one of the fastest growing metro areas, having added 1.2mm new residents over the past ten years.

The Dallas-Fort Worth (DFW) industrial market continues to perform strongly and has seen the highest net absorption of the top 100 largest markets, with 34.4mm square feet of net absorption over the last 12 months. The market’s 14.2% annual rent growth over the same time period is among one of the strongest of large U.S. metros.

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The properties pictured in the presentation represent select holdings at the time of publication and are not meant to represent the entire portfolio. The opinions expressed are reflective of the manager's views at the time of acquisition.

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This material must be preceded or accompanied by a prospectus for Nuveen Global Cities REIT, Inc. This material does not constitute an offer to sell or a solicitation of an offer to buy any security. An offering is made only by a aprospectus to individuals who meet minimum suitability requirements.This sales literature must be read in conjunction with a prospectus in order to understand fully all the implications and risks of the offering of securities to which it relates. A copy of the prospectus must be made available to you in connection with this offering. No offering is made except by a prospectus filed with the Department of Law of the State of New York. Neither the Securities and Exchange Commission, the Attorney General of the State of New York nor any other state securities regulator has approved or disapproved of these securities or determined if the prospectus is truthful or complete, or determined whether the offering can be sold to any or all purchasers in compliance with existing or future suitability or conduct standards including Regulation Best Interest. Any representation to the contrary is a criminal offense.

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Nuveen Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). Nuveen Securities, LLC, member FINRA and SIPC, is the dealer manager for the Nuveen Global Cities REIT, Inc. offering.

Diversification of an investor's portfolio does not assure a profit or protect against loss in a declining market.

Summary of Risk Factors

Nuveen Global Cities REIT, Inc. is a non-listed REIT, which offers limited liquidity as compared to other products, such as publicly listed REITs. Investors in Nuveen Global Cities REIT, Inc. are not receiving publicly listed shares. An investment in Nuveen Global Cities REIT, Inc. involves a high degree of risk, including the same risks associated with an investment in real estate investments, including fluctuations in property values, higher expenses or lower expected income, currency movement risks and potential environmental liabilities. Please consider all risks carefully prior to investing in any particular strategy, including the following risks for Nuveen Global Cities REIT, Inc.:

  • There is no assurance that we will achieve our investment objectives.
  • You will not have the opportunity to evaluate our future investments before we make them, and we may not have the opportunity to evaluate or approve investments made by entities in which we invest, such as the International Affiliated Funds, which makes your investment more speculative.
  • Since there is no public trading market for shares of our common stock, repurchase of shares by us will likely be the only way to dispose of your shares. Our share repurchase plan provides stockholders with the opportunity to request that we repurchase their shares on a monthly basis, but we are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular month in our discretion. In addition, repurchases are subject to available liquidity and other significant restrictions. Further, our board of directors may modify or suspend our share repurchase plan if it deems such action to be in our best interest and the best interest of our stockholders. As a result, our shares should be considered as having only limited liquidity and at times may be illiquid.
  • The purchase and repurchase price for shares of our common stock is generally based on our prior month’s NAV (subject to material changes as described above) and is not based on any public trading market. While we obtain independent periodic appraisals of our properties, the appraisal of properties is inherently subjective, and our NAV may not accurately reflect the actual price at which our assets could be liquidated on any given day.
  • Our board of directors may also determine to terminate our share repurchase plan if required by applicable law or in connection with a transaction in which our stockholders receive liquidity for their shares of our common stock, such as a sale or merger of our company or listing of our shares on a national securities exchange.
  • We have no employees and are dependent on our Advisor and its affiliates to conduct our operations. Our Advisor will face conflicts of interest as a result of, among other things, the allocation of investment opportunities among us and Other Nuveen Real Estate Accounts, the allocation of time of investment professionals and the fees that we pay to our Advisor.
  • We cannot guarantee that we will make distributions, and if we do we may fund such distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and we have no limits on the amounts we may pay from such sources.
  • This is a “best efforts” offering. If we are not able to raise a substantial amount of capital in the near term, our ability to achieve our investment objectives could be adversely affected.
  • There are limits on the ownership and transferability of our shares.
  • If we fail to qualify as a REIT and no relief provisions apply, our NAV and cash available for distribution to our stockholders could materially decrease.
  • Our investments in International Affiliated Funds may be subject to currency, inflation or other governmental and regulatory risks specific to the countries in which the International Affiliated Funds operate and own assets.
  • The defined terms have the meanings assigned to them in the prospectus.

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