HFF managing director John Rose worked exclusively on behalf of the borrower, ING Clarion Partners. HFF tells GlobeSt.com that they cannot provide any further information at this time regarding the specifics of the deal, but Rose tells GlobeSt.com that what is interesting about the deal was the fact that the portfolio was in several different states, and that even with some of the assets being damaged by the recent hurricane in Houston, "the lender and borrower were able to overcome those issues and move forward, based on the relationship they had." Although he couldn't disclose who the life insurance company was, he said that it is ING Clarion's and the life insurance company's third transaction together. ING Clarion did not respond to queries by deadline.

The portfolio totals 2.2 million sf and is 93% occupied overall. Properties include: Madison Industrial Park Building A in Tampa, Florida; 34 Englehard in Monroe, New Jersey; 888 Doremus in Newark; Columbia Corporate Park Buildings 1 & 2 in Portland, OR; 2755 Regent Boulevard in Dallas; Stafford Distribution Buildings 1-3 in Stafford, TX; and Port 225 A, B and C in Pasadena, TX.

Rose tells GlobeSt.com that the loan application was signed on Sept. 5th and closed on the 30th of September. "That time frame is not the norm," he says," but it does tell you a bit about the life insurance company that placed the loan and shows the good relationship that the borrower and the lender have." From a life insurance standpoint, Rose says, one of the largest challenges in today's environment is alternative investments and "where they put it. Given the fact that the equity market has turned on them, and everybody else, and corporate paper spreads have widened, they have had to adjust their prices as well," he says. "That, combined with the fact that we are in the fourth quarter, makes it a very challenging time. ...But having said that, there is capital out there."