Amstar, MetLife make push into industrial sector
Amstar has U.S. value-add separate account funds. MetLife Real Estate Investors has a fat general fund. They have both committed to spending a combined $200 million of those funds trying to capitalize on the hot U.S. industrial sector.
In the case of Amstar, five speculative industrial development projects totaling 1.6 million square feet are under way. Two of those projects are in Dallas and one each in Atlanta and Houston. Tricia Noble, a senior vice president at the firm, says Amstar is prepared to spend $75 million to $100 million on its overall industrial strategy, including its five current projects. Noble says the firm is likely to do additional projects in Atlanta and Dallas, and is also canvassing Portland, Ore., and the Southeast in general. Those additional projects currently under consideration would amount to another 670,000 square feet of industrial space, Noble says.
In the case of MetLife, the firm is forming a