The portfolio includes 23 industrial, three retail and six office sites. The properties are spread across the US, and included a one-million-sf industrial building at 135 Mount Zion Rd. in Lebanon, IN, fully leased by Pearson Education; a 712,000-sf group of industrial buildings leased by Deluxe Video Services Inc. at 9201 Faulker Lake Rd. in North Little Rock, AR; and 400,000-sf building leased by Dopaco Inc. in Kinston, NC; for a total of 6.6 million sf. "This is the first time we've sold in bulk," Sherwin Jarol, Bradley CEO, tells GlobeSt.com. "We usually hold for a long time and allow investors to collect their investment that way. But we were able to sell these off slowly, each one of our properties are in a standalone partnership, so the transactions took months and the closings over the year. If we had tried to sell all at one period, we would never been able to do it."
He says the company was able to use the proceeds from each sale to purchase another property. The company has a $1.5 billion portfolio in 30 states, with about 70 properties, not including some multifamily properties held in conjunction with Senior Lifestyle Corp.
JP Morgan Securities Inc. was Bradley's financial advisor and helped with the transaction. Joe Cosenza, president of Inland Real Estate Acquisitions Inc., negotiated in the deal on behalf of the Inland REIT.
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