Hackman, Calare Pocket $124M on 10-Property Industrial Sale
- Feb 08, 2017
By Barbra Murray, Contributing Editor
Los Angeles and Boston—Hackman Capital Partners LLC and Calare Properties Inc. continue their profitable disposition of assets from an industrial portfolio acquired a decade ago, with the sale of 10 properties in Connecticut and Massachusetts. The partners sold the 2.9 million-square-foot group of predominantly warehouse and distribution facilities to Winstanley Enterprises LLC for, according to Hartford Business Journal, $124 million.
“We repositioned the properties and attracted premier tenants. We’re thrilled with the results,” Michael Hackman, CEO of Hackman Capital Partners, said in a prepared statement. Commercial real estate services firm CBRE National Partners represented the Los Angeles-based Hackman and Boston-based Calare in the transaction.
Hackman and Calare originally came into possession of the 10 assets in 2007 as part of a $516 million purchase of a 24-property, 11.4 million-square-foot industrial portfolio in a joint venture with KBS Real Estate Investment Trust. Today, all but one of the 10 facilities sold to Winstanley are 100 percent leased.
The Massachusetts segment of the group consists of 1040 and 1045 Sheridan St. in Chicopee, and 1111 Southampton Rd. in Westfield. The Connecticut properties include five buildings in Enfield at Enfield Business Park—300 Shaker Rd., 99 and 100 Print Shop Rd., and 555 and 561 Taylor Rd.—as well as 170 Highland Park Dr. in Bloomfield. Completing the Constitution State group is the recently vacated 530,000-square-foot distribution center at 85 Moosup Pond in Plainfield. The collection’s list of occupants is as impressive as its occupancy level. The tenant roster includes the likes of Coca-Cola, Home Depot and LEGO Systems, which makes its home at Enfield Business Park.
Hackman and Calare have been in a selling state of mind when it comes to the 2007 portfolio. Dispositions over the last few months include the 1.5 million-square-foot North Texas Industrial Center, located 60 miles outside the Dallas/Fort Worth Metroplex in Corsicana, and the 567,800-square-foot MetroWest Industrial Center in suburban Syracuse.
Move over, apartment sector! “Industrial has become the darling investment type over multifamily,” asserted a focus group participant for Urban Land Institute and PwC’s 2017 Emerging Trends in Real Estate report. As noted in the report, industrial has been the most favored property type for the last two years and it will remain at the top in 2017.
Image courtesy of Hackman Capital Partners