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(Read more on the industrial market.)

SPARTANBURG, SC-Princeton, NJ-based CB Richard Ellis Realty Trust has acquired a 30-building, 4.2-million-sf industrial portfolio for $214.7 million from locally based Johnson Development Associates Inc. The portfolio includes distribution and light manufacturing buildings in Greenville/Spartanburg and Charleston, SC, and Charlotte and Winston-Salem, NC. The buildings were developed by Johnson Development and are currently 90% leased.

The properties include Jedburg Commerce Park in Berkeley County, SC, which includes a recently completed 512,686-sf assembly plant and headquarters operation for emergency vehicle manufacturer American LaFrance. Other major tenants in the buildings include Hoke Inc., Tyco Electronics, EchoStar Satellite, Trans-Hold Inc., Lear Corp. and Southeastern Container Inc.

CB Richard Ellis Realty Trust also has four additional buildings and three vacant parcels under contract to be purchased from Johnson Development.

Officials from Johnson Development said the company sold the portfolio to focus on its core business of developing industrial space to serve ports in the Southeast. Dallas-based brokers Jack Fraker and Josh McArtor, of CB Richard Ellis, represented Johnson in the deal.

“The decision to sell the portfolio of properties was motivated by the high value that has been placed on real estate over the past 12 months and advantageous capital gains tax rates,” says Johnson Development president and CEO Foster Chapman, in a prepared statement. “It is our intention to continue our development activities, but at an accelerated pace. The money from this sale will be reinvested in new buildings, new sites and additional personnel.”

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