AFL-CIO Building Investment Trust Invests $127 million in Two Industrial Acquisitions

Nearly 600,000 SF will be Added to Industrial Portfolio

May 20, 2022

Washington, DC—PNC Bank, National Association (“PNC Bank”), Trustee of the AFL-CIO Building Investment Trust (“BIT” or “Fund”), announced today that the Fund completed the acquisition of two  industrial properties, one each in Florida and Tennessee.     The purchase of these two properties will increase the Fund’s allocation to the industrial asset class and will expand the BIT’s exposure to Southern markets which continue to exhibit strong fundamentals.

“A current priority for the BIT in 2022 is increasing the industrial exposure. The BIT is proud to be adding these two strong assets to our portfolio,” said Clayton Flanagan, SVP of PNC Bank, Co-Portfolio Manager of the BIT and President of PNC Realty Investors, Inc. (“PRI”), the investment advisor to the BIT.  “Industrial is a key and growing component of core real estate.  We are confident that these properties exhibit key underwriting strengths which should position them to be income-generating, appreciating additions to the $5.3 billion portfolio.”

On April 29, 2022, the BIT completed the $103.05 million acquisition of a Home Depot distribution center in Gibsonton, FL (Tampa Metro Area).  This Class A, 492,156 square foot distribution facility is 100% leased to Home Depot USA for just under 20 years.

The distribution center, located 1.6 miles from Interstate 75, is less than thirty minutes from downtown Tampa with proximity to multiple highways, the Port of Tampa, CSX Intermodal, and Tampa International Airport.  The facility specializes in the next-day delivery of bulk items to retail stores and residential and commercial job sites. The center services one of Home Depot’s top markets with 155 retail stores in the State of Florida. This property was built in September 2021 and features 32’-foot clear heights, ESFR sprinklers, 223 trailer stalls, quad-load configuration, outdoor storage yard and rail access which directly services the building.

On May 17, 2022, the BIT closed on the $23.5 million purchase of a Frito-Lay Distribution Center.  This Class A, 107,540 sq. ft. distribution facility in Memphis, TN is 100% leased to a wholly-owned subsidiary of Frito-Lay with 10-years of lease term remaining.  The facility is located immediately off the I-55 with direct access to the Memphis International Airport (~2.5 miles away).  Construction on this property was completed in March 2022 and sits on a 21.3 acre lot and features 32’ foot clear heights, ESFR sprinklers, 197 auto spaces, and 176 trailer/van parking stalls.

“The long lease terms, credit tenants and well-located nature of these two properties make them logical additions to the BIT portfolio,” said Herb Canada, VP and Client Portfolio Manager of PRI.  “These two purchases allow the Fund to add to its industrial allocation prudently and in alignment with our strategic plan.”

For more information, visit and, or contact Herb Canada at (415) 733-1544.



The AFL-CIO Building Investment Trust (the “BIT”, the “Trust”, or the “Fund”) is a bank collective trust for which PNC Bank, National Association (“PNC Bank”) is the trustee. PNC Bank is an indirect, wholly-owned subsidiary of The PNC Financial Services Group, Inc. (“PNC”). PNC may use the service mark “PNC Institutional Asset Management” in connection with certain activities of the Trust. PNC Bank has retained PNC Realty Investors, Inc. (“PRI”) to provide real estate investment advisory and management services for the BIT. PNC has retained the AFL-CIO Investment Trust Corporation (the “ITC”) to provide investor and labor relation services and AFL-CIO ITC Financial, LLC (“ITC Financial”), an indirect, wholly-owned subsidiary of the ITC, to provide marketing services in connection with the BIT. ITC Financial is a registered broker dealer under the U.S. Securities Exchange Act of 1934, as amended and member with the Financial Industry Regulatory Authority, Inc.  FINRA). PNC Bank licenses the ability to use the “AFL-CIO” name in the name of the Trust and in connection with the activities of the Trust.