The property is owned by a joint venture between KBS REIT I--a publicly offered, non-traded real estate investment trust--Hackman Capital Partners and Calare Properties. The JV acquired the building as part of a portfolio which was purchased for $516 million in August 2007. The portfolio included 23 other industrial warehouse and light manufacturing facilities. KBS REIT I makes up 80% of the JV, while the other two companies combine for the remaining 20%.
KBS would not comment on the terms and the length of the lease, however according to Cushman & Wakefield, industrial space in the Worchester submarket goes for an average of $4.86 per square foot. Chicoppe, MA is just shy of 40 miles west of Worcester.
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