LOS ANGELES-CB Richard Ellis Investors has acquired a five-property industrial portfolio in four states from locally based Bentley Forbes for $80.5 million. The warehouse and distribution buildings, which are all 100% occupied by global logistics provider Kuehne & Nagel, are in Chicago, Boston, Atlanta and Raleigh, NC.

David Cobb, president and CEO of BentleyForbes, calls the deal a strategic disposition for the company and describes the properties as "high-quality, net-leased warehouse buildings." Proceeds from this and other sales will go toward expanding the Bentley Forbes portfolio of class A office properties and luxury hospitality assets, although the company continues to consider some single-tenant acquisitions.

The sale to CBRE Investors is the latest in a series of dispositions since Bentley Forbes initiated a review of its portfolio beginning in the last quarter of 2005, notes Cobb. The company has since refinanced approximately 1.7 million sf of assets in various markets and has sold or is under contract to sell an additional 2.2 million sf of single-tenant office, industrial and retail properties.

Bentley Forbes will make the transition this year from owning a portfolio of primarily single-tenant, corporate-occupied commercial properties to a portfolio mainly composed of trophy, multi-tenant office buildings in major metro CBDs and submarkets, Cobb says. The company will complete more than $1 billion in new property acquisitions before the 2006 year end, he adds.

In the transaction with CBRE Investors, BentleyForbes was represented by an Eastdil Secured brokerage team led by Randy Evans, managing director, and internally by Chad Lasdon, VP of acquisitions and dispositions with BentleyForbes. The five buildings, totaling nearly 1.49 million sf, are at 13144-13150 S. Pulaski Rd. in Alsip, IL; 12 Forge Park Dr. in Franklin, MA; 4575 Lake Mirror Place in Forest Park, GA; 2525 Whilden Ave. in Durham, NC and 2532-2534 Whilden Ave. in Durham.