Gale will purchase the portfolio by acquiring the partnership interests of the Morgan Stanley Real Estate Funds and UBS in the transaction, which is expected to close in the third quarter. The portfolio has been owned and managed by the trio since 1997 when it was purchased from the Chubb Insurance Group. The portfolio was named for the defunct Bellemead Development Corp.
"We look forward to continuing to expand our investment presence throughout New Jersey and in targeted markets across the US," says Mark Yeager, president and chief investment officer of the Gale Co.
Michael Franco, Morgan Stanley managing director and head of MSREF domestic, adds, "We view this transaction as win-win. We achieved an attractive sale for our investors while, at the same time, facilitating an opportunity for the Gale Co., one of our most valued partners worldwide, to continue its long-term ownership of the portfolio."
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