PRINCETON, NJ—Chambers Street Properties, the industrial and office REIT spun out of CBRE in 2012, is exploring a possible sale after receiving an acquisition offer from at least one competitor, Bloomberg Business reported Tuesday evening. Interim president and CEO Martin Reid acknowledged the Bloomberg story during an investor presentation at NAREIT's REITWeek conference Wednesday; however, he said, “As a publicly traded company, we're always exploring options, but I can't comment on any speculation and market rumors.”

Shares of the REIT's stock rose following the Bloomberg report, which cited unidentified sources said to be familiar with the matter. It's not clear whether CSG is considering any options other than a sale, Bloomberg reported.

Reid, the CSG CFO who took on interim duties this past March following the resignation of company founder and CEO Jack Cuneo, told investors at NAREIT that the company is moving toward an industrial emphasis in its $3.3-billion portfolio. “We like the lower CapEx requirements of industrial” as well as the widespread tenant demand the sector is enjoying, Reid said Wednesday.

To that end, the company sold off about $100 million worth of non-core office assets in the fourth quarter of 2014, said Reid, while acquiring a core industrial portfolio of comparable value in Northeast Pennsylvania. Along with de-emphasizing office assets, both in the US and in Europe, CSG is also moving away from multi-tenant properties. Its portfolio currently is about 85% single-tenant, Reid said; a comparable percentage is triple-net lease.

As for a permanent replacement for Cuneo, who had led the company since its founding in 2004, Reid said a search is continuing. The REIT's board has interviewed a number of candidates, he said, and he was hopeful that a successor would be named soon.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.