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Greenfield Deals 10M-SF Air Cargo Portfolio to CalEast

CHICAGO-The 90 distribution assets at 25 US and Canadian airports is 93% leased and believed to be the largest portfolio of privately held air cargo facilities to change hands, reportedly for $800 million.

By Mark Ruda | Updated on May 04, 2005

CHICAGO-CalEast Industrial Investors, LLC has entered the on-airport air cargo market in a big way, acquiring 90 distribution assets totaling 9.8 million sf at 25 US and Canadian airports. The properties, believed to be the largest portfolio of privately held air cargo facilities to change hands, were sold by a joint venture of Aeroterm, LLC and affiliates of Greenfield Partners, LLC for a reported $800 million.

Aeroterm stays involved in the portfolio, which is 93% leased, as operating partner and property manager. Tenants include FedEx Corp., UPS, DHL, the US Postal Service and BAX Global. Airport locations include Calgary, Dallas/Fort Worth, Edmonton, Houston, Miami, Montreal, Newark, New York, Ottawa, Philadelphia and Portland.

Greenfield Partners acquired the properties seven years ago, says spokesman Phil Nourie. “Their decision to get out was based on the pricing of the assets was becoming more and more expensive,” he tells GlobeSt.com. “It made sense for them to get out at this time.”

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