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Final Bids In for CalWest Industrial Portfolio

SACRAMENTO-Finalists for the estimated $2.5-billion portfolio are reportedly GE Real Estate, First Industrial Realty Trust, AMB Property Corporation and Muruelo Maddux Properties.

By Brian K. Miller | Updated on March 18, 2007

(To read more on the industrial market, click here.)

SACRAMENTO-The California Public Employees Retirement System recently received final bids for its CalWest industrial portfolio and is expected to select a buyer any day now, local industry sources tell GlobeSt.com. Finalists for the estimated $2.5-billion portfolio are reportedly GE Real Estate, AMB Property Corp., First Industrial Realty Trust and Muruelo Maddux Properties.

The portfolio consists mostly of warehouse and distribution product in the Western US. Given a $2.5-billion purchase price and the portfolio’s current net operating income, the capitalization rate on the acquisition would be in the 5.5% to 6% range, according to a report by Investments & Pensions Europe, which said final bids were due March 14 and that a final decision was to be made a few days later.

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