CalWest Industrial Properties LLC acquired six Puget Sound industrial properties totaling 1.19 million sf from Pacific Gulf Properties Inc. According to King County property records, the joint venture of San Francisco-based RREEF Funds and CalPERS closed on the transaction in November 2000. Real estate sources say the aggregate sales price was $875 million. Pacific Gulf Properties is selling nearly its entire portfolio of industrial sites in CA, NV, OR and WA to CalWest, in addition to multifamily assets, as part of the Newport, CA-based REIT's anticipated dissolution.

2001: CalWest Picks Up Cabot Assets in $2B Deal

CalWest Industrial Properties, the JV of CalPERS and Rreef, bought the Cabot Industrial Trust portfolio in an all-cash transaction valued at $2.1 billion. The buyers gained 372 facilities totaling some 41 million square feet across the nation. J.P. Morgan represented Cabot in the late-2001 deal

2002: Clarion Antes Up $1.5B for Crow Holdings

Crow Holdings Industrial Trust sold its entire portfolio of about 35 million square feet in 250 properties for $1.5 billion to Clarion Partners, the autonomous US subsidiary of ING Real Estate. The trust's assets and its people, including CEO James Hendricks, will form the nucleus for the Clarion Industrial Group, overseer of the first REIT in three years to be rolled out by the New York City-based pension fund manager. The transaction closed in December 2002, bringing a high-ticket end to six months of talks spurred by Clarion's desire to beef up the industrial component of its multi-faceted portfolio. Clarion, acting for Netherlands-based ING Real Estate, went knocking on Crow's door to open the talks. The 22-city Crow Holdings portfolio is 90% occupied, has leases with an average five-year term and consists of buildings with a median age of about 17 years. It also contains land that most definitely will be developed.

2004: CBRE, CalSTRS JV Picks Up 17 MSF for $600M

A joint venture of CB Richard Ellis Investors (on behalf of CBRE Global Investors) and the California State Teachers Retirement System paid $600 million for an interest in the 17-million-square-foot Atlas Industrial Portfolio in April 2004. The seller, a partnership of Dermody Properties and Lazard Ltd., retained a minority share in the 105-property package.

2005: Greenfield Deals 10M-SF Air Cargo Portfolio to CalEast

CalEast Industrial Investors LLC has entered the on-airport air cargo market in a big way, acquiring 90 distribution assets totaling 9.8 million sf at 25 US and Canadian airports. The properties, believed to be the largest portfolio of privately held air cargo facilities to change hands, were sold by a joint venture of Aeroterm LLC and affiliates of Greenfield Partners LLC for a reported $800 million. Aeroterm stays involved in the portfolio, which is 93% leased, as operating partner and property manager. For CalEast Industrial Investors, which includes LaSalle Investment Management and California Public Employees' Retirement System, the purchase is a chance to rotate capital into assets with income and growth potential. CB Richard Ellis represented Aeroterm and Greenfield Partners along with Banc of America Securities.

2006: Google Buying HQ Buildings for $319M

Google Inc. acquired its 978,000-sf headquarters campus in Mountain View, CA in the summer of 2006 for $319 million. The seller is Whitehall Parallel Real Estate LP XIII, one of the Whitehall Real Estate Funds managed by Archon Group LP, an affiliate of the Dallas-based Goldman Sachs Group Inc. WXIII is selling the buildings and its leasehold rights on the underlying dirt, which is owned by the City of Mountain View.

2007: 25M-SF DP Industrial Portfolio Trades for $1.8B
The DP Industrial portfolio changed hands for more than $1.8 billion. DP Industrial is a venture of locally based industrial developer Dermody Properties and CalSTRS that owns 24.7 million sf of distribution space in 114 properties and 518 acres of land that can support an additional nine million sf. The built space, which is approximately 90% leased, was sold to a new fund of the Denver-based international distribution REIT ProLogis that includes a substantial investment by Lehman Bros. The developable land was acquired by ProLogis directly. Eastdil represented the seller. ProLogis says the aggregate cost of the two deals is $1.85 billion. Approximately 49% or 12 million sf of the portfolio is located in the Reno area and another 16% (four million sf) is located in the Las Vegas area.

2009: ProLogis-Stockbridge Deal Totals 9.6M SF, $426M

ProLogis went public about the June 2009 sale of 90 properties to Stockbridge Real Estate Funds. The deal totaled $426 million and 9.6 million square feet, with ProLogis retaining a 5% interest and the asset management contract. Stockbridge acquired the assets through TLF Logistics, a new fund stoked by the Teachers Retirement System of Texas. The dollar value of the transaction represents approximately half of $840 million in gross proceeds from asset sales and contributions to its property funds in the second quarter. It also represents nearly two thirds of the 14.2 million square feet in 136 US properties that it plans to unload in 28 separate transactions for a total of $657 million as part of its $2-billion deleveraging effort. Eastdil advised Prologis in the transaction.

2011: Partnership Acquires 13 Showrooms for $1B

Oaktree Capital Management of Los Angeles, New York City-based Related Cos. and Bain Capital of Boston partnered to purchase 13 showrooms for a total amount of $1 billion. The partnership has acquired all the buildings of World Market Center in Las Vegas as well as the Market Square Complex and the International Home Furnishings Center in High Point, North Carolina. The acquired assets, sold by Bassett Furniture of Bassett, VA, encompass a total of more than 10.6 million square feet of space.

2013: Blackstone, Prologis Divide 18M-SF Portfolio

Lehman Brothers Holdings Inc. has completed its sale of a 17.7-million-square-foot warehouse and distribution center portfolio in which LHBI held a majority stake. The buyers were affiliates of Blackstone Real Estate Partners VII and, in a separate transaction, Prologis Inc., LHBI's minority partner in the portfolio. An industry source confirms that the 82-asset portfolio traded for a total of about $960 million. Sixty-four of the properties, totaling 9.5 million square feet, are located in Reno, NV and traded to the Blackstone fund. The private equity giant's IndCor Properties Inc. will manage the Reno portfolio. Prologis is acquiring the balance of the portfolio, with approximately 8.1 million square feet located mainly in Las Vegas, southern New Jersey and central and eastern Pennsylvania.