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GlobeSt.com EXCLUSIVE: Gale Co. To Acquire Former Bellemead Portfolio for $550M

FLORHAM PARK, NJ-The 4.7 million, 37-builiding portfolio is acquired by the Gale Co. for approximately $550 million, sources tell GlobeSt.com. The portfolio involved is the bulk of the former holdings of the defunct Bellemead Development Corp., which was owned by Chubb Insurance.

By Barbara Jarvie | Updated on April 14, 2004

FLORHAM PARK, NJ-The Gale Co. has executed a definitive purchase and sale agreement to acquire the 4.7 million-sf, 37-building so-caled Bellemead Portfolio. Sources tell GlobeSt.com that the transaction was valued in the $550 million range and that a myriad of financing options are currently being pursued. The combination of Class A and Class B properties are located in New Jersey, Chicago, Illinois and Michigan.

Gale will purchase the portfolio by acquiring the partnership interests of the Morgan Stanley Real Estate Funds and UBS in the transaction, which is expected to close in the third quarter. The portfolio has been owned and managed by the trio since 1997 when it was purchased from the Chubb Insurance Group. The portfolio was named for the defunct Bellemead Development Corp.

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