The portfolio includes two properties located in Norcross, GA (a suburb of Atlanta in the Northeast submarket) totaling 464,892 sf, one in the Chicago suburbs of Bensenville and Wood Dale(part of the O'Hare submarket) totaling 203,074 sf and one park in Corona, CA (part of the Inland Empire market) that totals 227,016 sf. None of the sale prices were released. The offering price for the entire portfolio was $47.6 million.
The Atlanta-area properties, Oakbrook Parkway (333,916 sf, 25% office) and Peterson Place (130,976 sf, 40% office), were sold to Cabot Properties Inc. of Boston. The combined offering price for the two properties was about $20.5 million.
The Chicago-area properties, Hansen Court (61,700 sf, 82% office) and York Road (141,374 sf, 13.7% office), were sold to AMB Property Corp. The combined offering price for the two properties was about $13.8 million.
The California property, Westgate Distribution Center (227,016 sf, 8% office) sold to TA Associates Realty. The offering price was $13.33 million.
Dave Breuner of RREEF, who oversaw the disposition, tells GlobeSt.com that two of the three deals were done at below the offering price and one was done at above the asking rate. All of the properties were built in the 1980s.
CB Richard Ellis' Darla Longo, Barbara Emmons and Michael Caprile represented RREEF and GE Capital on the transaction.
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