$54.5-million

"We believe strongly that the largest distribution markets in the country—-Los Angeles, Chicago, New Jersey and South Florida—-are positioned to outperform over both the near and long-term," says Bob Savage, president of KTR, in a prepared release. "Having investment infrastructure on the ground in these markets is an important element of our strategy to exploit the advantages of local operating expertise."

SVP Brian Milberg has relocated from KTR's New York City headquarters to direct the company's initiatives in the Chicago area, a market in which he has been a key player in acquiring and developing more than five million sf since 2005. VP Brian Gagne has moved from the suburban Philadelphia office to oversee the new one in Newport Beach, CA.

Gagne tells GlobeSt.com that KTR's focus companywide will be on both acquisition and development. In terms of development, "90% of what we do is spec development versus BTS, so we are not afraid to jump on a land opportunity," he says. "We have an internal infrastructure that allows us to work efficiently through both new development and redevelopment opportunities. In fact, we have a development pipeline for our first fund of over six million sf around the country, all of it industrial. Fundamentally we believe that speculative development is a superior strategy when incorporated with existing building acquisitions and redevelopment/repositioning efforts in order to achieve an attractive overall portfolio with long term value sustainability."