Spieker's chief investment officer Eli Khouri tells GlobeSt.com that the company is not unloading its entire industrial portfolio, simply unloading assets--to which it has added substantial value over the years, and many of which the company built up from raw land--in an effort to focus on the company's current primary strategy.

"When we sell things, it's just a matter of redeploying our capital in concert with our strategy, which is predominately focused around owning and developing office buildings in great concentrations in the best West Coast submarkets," says Khouri, adding that a prime example of that strategy is Kruse Way, a high-rent submarket just a few miles south of Portland on the east side of Interstate 5 in which Spieker holds upwards of an 80% marketshare.

Calling the decision to sell so much to one buyer "the right balance of price and efficiency," Khouri says the proceeds from the disposition are being spent on 10-31 exchanges and new development. Spieker's brokers for the ongoing deal are Jay Borzi and Steve Silk of Los Angeles-based Secured Capital. "These guys are super professionals who have executed for us in the past," says Khouri. "We've built up a lot of confidence in their ability to deliver."