Jim Carpenter, senior vice president with Trammell Crow Co.'s Capital Markets Group, was part of the team that oversaw the marketing and disposition of the assets for the seller, a private investment group. He tells GlobeSt.com that the properties were packaged as a portfolio rather than individual assets to maximize diversification.

"I like to call it a virtual industrial or office park," Carpenter says. Comparing it to the purchase of an actual industrial or office park, the portfolio sale consists of several tenant types and various lease expirations. Average lease terms range from two to 20 years while the average size of the properties is 175,000 sf. Tenants included Apria Healthcare, Bausch & Lomb, GlaxoSmithKline, West Marine and Xerox Corp.

Carpenter tells GlobeSt.com that JFR financed the portfolio with an 80% loan-to-value "and they intend to collect the leveraged cash flow." A entity of JFR Global, located in Brooklyn, NY, made headlines in December when it purchased 10 Norden Place, a 612,199-sf business park and development site situated on two lots totaling 78 acres in Norwalk, CT. The company paid $87 million for the building and 37.21 acres.