KBS Real Estate Investment Trust, Hackman Capital Partners and Calare Properties today announced the formation of a joint venture for the $516 million acquisition of an 11.4 million-square-foot industrial portfolio across seven states.
KBS REIT is an 80 percent joint venture partner in the deal. Hackman Capital Partners and Calare Properties will have a 20 percent stake in the portfolio.
The acquisition consists of 24 institutional-grade properties (31 buildings) and two developable land parcels totaling 39 acres. The portfolio was sold by Needham, Mass.-based Equity Industrial Partners Corp., who had been acquiring the properties over the past 15 years.
At the time of sale, the portfolio was 94.4 percent leased by 38 tenants, which included The Home Depot, Penn Traffic Co., Regency, Tyco International, Lego, Staples, Kraft Foods, Jabil, Coca Cola and Dial Corp.
The KBS/Hackman/Calare Industrial portfolio includes the following 24 properties:
- 170 Highland Park Drive, a 449,000-square-foot warehouse facility in Bloomfield, Conn.
- 85 Moosup Pond Road, a 530,500-square-foot warehouse facility in Plainfield, Conn.
- 555 Taylor Road, five warehouse facilities totaling 1.19 million square feet in Enfield, Conn.
- 15 Independence Drive, a 370,545-square-foot warehouse facility in Devens, Mass.
- 50 Independence Drive, a 235,620-square-foot warehouse facility in Devens, Mass.
- 1040 Sheridan, a 74,500-square-foot warehouse facility in Chicopee, Mass.
- 1045 Sheridan, a 62,000-square-foot warehouse/refrigerated property in Chicopee, Mass.
- 151 Suffolk Lane, a 68,000-square-foot light manufacturing facility in Gardner, Mass.
- 1111 Southampton Road, a 652,000-square-foot warehouse property in Westfield, Mass.
- 100-111 Adams Road, two warehouse facilities totaling 801,040 square feet in Clinton, Mass.
- 100 Simplex Drive, a 658,017-square-foot flex/warehouse facility in Westminster, Mass.
- 495-525 Woburn, two flex/warehouse facilities totaling 699,617 square feet in Tewksbury, Mass.
- 480 Sprague St., a 233,000-square-foot flex/warehouse property in Dedham, Mass.
- 625 University Ave., a 459,455-square-foot flex/warehouse facility in Norwood, Mass.
- 57-59 Daniel Webster Highway, two light manufacturing facilities totaling 578,290 square feet in Merrimack, N.H.
- 133 Jackson Ave., a 287,959-square-foot warehouse property in Ellicott, N.Y.
- 1200 State Fair Blvd., a 567,800-square-foot warehouse property in Geddes, N.Y.
- 3407 Walters Road, a 273,225-square-foot warehouse/refrigerated facility in Van Buren, N.Y.
- 851 Beaver Drive, a 202,800-square-foot warehouse/refrigerated facility in Du Bois, Pa.
- Shaffer Road & Rt 255, a 410,000-square-foot warehouse property in Du Bois, Pa.
- 9700 W. Gulf Bank Road, a 245,319-square-foot light manufacturing facility in Houston, Texas
- 1000 E. I-20, a 728,110-square-foot warehouse property in Abilene, Texas
- 2200 S. Business 45, a 1.4 million-square-foot warehouse facility in Corsicana, Texas
- 9410 Heinz Way, a 140,630-square-foot warehouse property in Commerce City, Colo.