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BOSTON-An affiliate of Rreef is close to signing a deal for a 47-building portfolio owned by CrossHarbor Capital Partners LLC, a source familiar with the offering tells GlobeSt.com. The transaction could bring the locally based sellers upwards of $500 million.

“I think it will close within a month,” said the source, noting that the sale involves CrossHarbor’s approximately 4.1 million sf which was acquired from MGI Properties in June 1999. It consists of 32 buildings in Massachusetts comprised of nearly three million sf, six Maine properties totaling 370,321 sf and three properties in Connecticut that total 149,365 sf. All 47 properties are class A and class B+, 18 of which are suburban office buildings. There are 13 flex buildings, 13 office and R&D properties, five suburban offices buildings, three warehouses and one surface parking property.

The portfolio, which was initially placed on the market about 18 months ago before being withdrawn, has been quietly shopped to potential suitors in the last few months, says the source, adding that the acquisition by Rreef would give the real estate investment trust an even stronger presence in the Boston market. Neither Cross Harbor Capital nor Rreef could be reached for comment. The portfolio is being marketed by Cushman & Wakefield’s Boston office.

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