NEEDHAM, MA-An 11.4-million-sf portfolio of CRE assets stretching from New Hampshire to Colorado has been sold in one package for $516 million. After spending 15 years buying and developing the portfolio, locally based Equity Industrial Partners has divested most of its southern New England investments and other properties in New York, Pennsylvania and Texas, a deal initially reported last week by GlobeSt.com. Principals at EIP include Donald Levine and Lewis Heafitz

The buyer is a partnership of the KBS REIT, Hackman Capital Partners and Calare Properties. KBS and Hackman are headquartered in Southern California, while Calare is a Hudson-based company that specializes in similar product as that acquired from EPI. "This acquisition presents a terrific opportunity for our team to capitalize on what we do best, buying highly functional industrial properties in good markets with great tenants and significant upside potential," Hackman Capital CEO Michael Hackman says in a release acknowledging the deal. Citing confidentiality rules relating to SEC restrictions, principals involved in the transaction declined to discuss specifics of the sale beyond the details provided in the press release.

The portfolio features 31 buildings in 24 industrial properties, the largest being a 1.4-million-sf warehouse in Corsicana, TX, followed by a five-building, 1.18-million-sf complex at 555 Taylor Rd. in Enfield, CT. Two other assets are located in Connecticut; 85 Moosup Pond Rd. in Plainfield, and 178 Highland Park Dr. Also included is 57-59 Daniel Webster Highway in Merrimack, NH, a 587,000-sf manufacturing complex acquired last year for $18.5 million.

The remaining 11 New England properties are in Massachusetts, assets accounting for 4.3 million sf of the portfolio. The Massachusetts buildings range from a 62,000-sf warehouse at 1040 Sheridan St. in Chicopee up to 801,000 sf at two buildings in Clinton, 100 and 111 Adams Rd. Among the better-known properties changing hands is 100 Simplex Dr. in Westminster, a former Tyco International flex/warehouse complex containing 658,000 sf. Another local asset is 625 University Ave., a 459,000-sf warehouse in Norwood.

Assets outside New England include 9410 Heinz Way, a 140,000-sf warehouse in Commerce City, CO, while there are three in Texas, the Corsicana property at 220 S. Business 45 and buildings in Abilene and Houston. Two warehouses are in Du Bois, PA, 851 Beaver Dr. and Shaffer Rd., while the final three are in New York State, those being 133 Jackson Ave. in Ellicott, 1200 State Fair Blvd. in Geddes and 3407 Walters Rd. in Van Buren.

Among the highlights of the portfolio, according to KBS regional president Bill Milligan, are a presence in seven major industrial markets, plus a roster of top tenants, including Coca-Cola, Dial Corp., the Home Depot, Penn Traffic Co., Regency and Staples. The portfolio was 94.4% leased by 38 tenants at the time of the sale.

Eastdil Secured arranged the joint venture as well as the acquisition financing. KBS REIT represented itself in the negotiations, while the seller was represented by Jim Thomson and Doug Jacoby of Newmark Knight Frank's Boston office.