Equity Industrial Completes $516M CRE Sale

(Read more on the industrial market.)

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.