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23M-SF Industrial Portfolio To Hit Market

CHICAGO-CalPERS will retain a 50% stake in the properties headed for market, believed to be one of the largest in US history. Columbus, OH-based CalEast Industrial Investors has owned the properties for seven years or less.

By Mark Ruda | Updated on January 26, 2005

CHICAGO-CalEast Industrial Investors, LLC, whose members include locally based LaSalle Investment Management and California Public Employees’ Retirement System, is putting 23 million sf of industrial assets on the market. CalPERS, one of the largest US pension funds, will retain a 50% ownership stake in the portfolio.

The investors have hired Los Angeles-based Secured Capital Corp. to market the portfolio, with CB Richard Ellis assisting in the marketing and underwriting process. Properties in CalEast’s joint venture with Oak Brook-based CenterPoint Properties Trust is not included in the offering, according to a spokesperson for the investors.

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