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ING Clarion Lands 7.1M-SF Western Industrial Portfolio for $474M

SEATTLE-The purchase from the Rreef-CalPERS joint venture CalWest Industrial Properties includes 68 buildings at 30 properties in Seattle, Portland, North California, Los Angeles, San Diego, Phoenix, and Dallas.

By Brian K. Miller | Updated on April 06, 2005

SEATTLE-ING Clarion Partners of New York has purchased the 7.1 million-sf Western Industrial Portfolio from CalWest Industrial Properties for $474 million. The acquisition was made on behalf of two open-end ING Clarion commingled funds and one ING Clarion separate account client. CalWest Industrial Properties is a joint venture of Rreef and CalPERS. Spearheaded by ING executives Steve Latimer and Pete Stone in ING’s Seattle office, the acquisition instantly boosts ING’s presence in the Northwest from zero to 3.3 million-sf and expands its presence in North California, Los Angeles, San Diego, Phoenix, and Dallas. The portfolio is 85% occupied. Tenants include Boise Cascade, Georgia-Pacific, and Eastman Kodak. “One of our goals for 2005 was to establish a foothold in the Northwest,” Latimer tells GlobeSt.com “One of our separate account clients had a small presence there, but our commingled funds had nothing.”ING Clarion has been a major acquirer of industrial properties over the past several years. Since the beginning of 2004, the firm has purchased nearly 250 industrial properties with a total purchase price of approximately $1.6 billion in markets on both coasts and in the Mid- and Southwest. “The industrial sector has been a solid performer for investors over the past several years, and ING Clarion’s research anticipates continued above-benchmark performance,” says Stone, ING’s senior vice president of acquisitions. “The Western Industrial Portfolio enables us to increase our concentration in difficult-to-access west coast markets that are expected to benefit from a strengthening economy and an increase in global trade.”Secured Capital brokers Jay Borzi and Steve Silk had the disposition assignment on behalf of CalWest. Neither broker was immediately available Wednesday morning for comment.

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