The names of the parties involved are not being released by the parties involved, but one of the brokers in the transaction tells GlobeSt.com that one of the partners in the ownership group, a Southeast-based insurance company, bought out the other, a Texas-based private investment group that was pushing the sale.

"We had it out in market looking for buyer and, as a result of what's going on in the market, one partner opted to take out the other," says John E. Huguenard of Colliers Turley Martin Tucker's Investment Services Group. "It's so competitive in trying to find portfolio deals these days that a lot of buyers are not getting the necessary return in other vehicles, so the buyer said 'I'd rather increase my percentage.'"

All of the buildings in the portfolio are classified as state-of-the-art distribution centers and are located in Indiana, Kentucky, Tennessee, Georgia, South Carolina, North Carolina and Virginia. More than 3.3 million square feet (86%) of the portfolio is five years old or less. The entire portfolio is tilt-up construction, the majority with 50-foot column spacing, ESFR fire suppression and newer roofs with transferable warranties. Clear height is 30 feet or greater for all bulk product (71%) and 24 feet or greater for all warehouse distribution product (29%).