Spieker 25% Done With $400-Mil Staged Disposition to CalPERS via Rreef

PORTLAND-Spieker Properties is selling its entire Portland industrial portfolio and most of its industrial portfolio in the San Francisco Bay area to Rreef, which is making the purchases on behalf of CalPERS. The 8.3-million-sf, $400-million staged disposition by Menlo Park, CA-based Spieker, now 25% complete, began in the third quarter of 2000 and will continue to close throughout the rest of 2001.

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.