$516 million industrial deal

Portfolio sells to joint venture

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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-squa...