About one-third of the portfolio, eight million sf in 57 buildings, is located in the Northeast, according to a spokesperson for the sellers. Another 12 million sf is in the Midwest, in 120 buildings. The rest of the portfolio totals 2.7 million sf in 29 buildings in the Southeast.
"The industrial portfolio was highly sought after due to its strategic locations and the quality of the assets," says Secured Capital principal Steve Silk. Rreef officials were available for comment.
CB Richard Ellis also represented CalEast Industrial Investors, which includes Chicago-based LaSalle Investment Management, Inc. and the California Public Employees' Retirement System. Completing the sale in five months was "an amazing accomplishment," says Dann Thomasson, chief investment officer of CalEast Industrial Investors and senior vice president for LaSalle Investment Management. It required coordination of brokerage, leasing and management teams from five companies, he notes. In addition to Secured Capital and CBRE, management and leasing of the properties also was being handled by Trammell Crow Co., Cushman & Wakefield and Colliers International.
As previously reported on GlobeSt.com, the portfolio was assembled during CalEast Industrial Investors' seven-year tenure. "We are planning on redeploying that capital by focusing on a more value-add strategy and continuing to expand our existing platform," says CalEast Industrial Investors chief executive officer and LaSalle Investment Management managing director Russ Blackwell.
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