Aeroterm stays involved in the portfolio, which is 93% leased, as operating partner and property manager. Tenants include FedEx Corp., UPS, DHL, the US Postal Service and BAX Global. Airport locations include Calgary, Dallas/Fort Worth, Edmonton, Houston, Miami, Montreal, Newark, New York, Ottawa, Philadelphia and Portland.

Greenfield Partners acquired the properties seven years ago, says spokesman Phil Nourie. "Their decision to get out was based on the pricing of the assets was becoming more and more expensive," he tells GlobeSt.com. "It made sense for them to get out at this time."

"This has been an attractive investment for our Firm and a gratifying partnership with Aeroterm," says Greenfield Partners president and chief executive officer Eugene A. Gorab. "We are confident that their new venture with CalEast and LaSalle will be equally successful."

Another factor was a growing presence by the US government in the airside space market, Nourie adds, squeezing out private equity firms such as Greenfield Partners, which has offices in South Norwalk, CT as well as Chicago.

For CalEast Industrial Investors, which includes LaSalle Investment Management and California Public Employees' Retirement System, the purchase is a chance to rotate capital into assets with income and growth potential, says chief executive officer Russ Blackwell. "The portfolio also offers CalEast the opportunity to gain access to both a strong portfolio and exceptional management team," he adds.

"Air cargo buildings represent a valuable niche of real estate in the supply chain, characterized by strong, current and expected demand, coupled by very limited supply, with a finite amount of 'inside the fence' space that typically is controlled by government bodies," says LaSalle Investment Management managing director Dan Witte, who represented CalEast with vice presidents Brian Trahan and John Minahan, along with analyst Neil Herceg. Mike Caprile, of CB Richard Ellis represented Aeroterm and Greenfield Partners along with Banc of America Securities.

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Greenfield Deals 10M-SF Air Cargo Portfolio to CalEast

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