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Main and Main Portfolio Locked Up

Group of Trinity Advancement Group and Timbercreek Asset Management Said to be Winning Bidder

CoStar News can report that Trinity Advancement Group Inc. has actually partnered with Timbercreek Possession Management Inc. for the winning quote on the Main and Main portfolio.

The much sought after portfolio, expected to be sold in the range of $400 million to $500 million, has actually been explained by brokers from CBRE Ltd. as a “generational opportunity” to bidders aiming to obtain prime, city income-producing homes along with key redevelopment chances in downtown Toronto and Ottawa.

Sources state as many as 70 groups took a look at the portfolio, that includes 13 development properties, 6 earnings homes and 2.1 million square feet of prospective advancement chances. The portfolio comprises 10.7 acres and consists of 16 difficult corners and 5,574 square feet of frontage.

CBRE authorities would not comment on the offer, nor would Trinity and Timbercreek authorities. 2 different sources suggested the two companies had paired up on the deal and confirmed their choice however might not explain the specific nature of how they will handle the properties, other than keeping in mind that Timbercreek was providing monetary support. Sources likewise could not confirm a timeline on when the offer will close.

“Land assemblies and zoned advancement websites are hot right now, with property density prices rising rapidly. Toronto prices were $75 per square foot buildable 5 years earlier, and today they top $250 per square foot,” said Alex Avery, previous property analyst from CIBC World Markets and author of The Wealthy Tenant.

“Ontario zoning policy, including 2017 proposed modifications, are driving this rapid growth in value,” said Avery, who added he expects prices will continue to increase quickly, and may even accelerate.

“Toronto property costs have increased a lot over the previous 15 years, however can still go a lot even more before becoming economically troublesome,” Avery said, adding he was not amazed to see a lot interest in this portfolio offered the state of the marketplace.

“The buyers of Main and Main are buying an extremely limited resource, that at the very least will remain really scarce, and at best offers significant utilize to increasing domestic worths,” stated Avery.

The Main and Main portfolio was started in 2011 by Toronto-based First Capital Realty Inc. (TSX: FCR) and Rick Iafelice, the president of the company. The financial investment vehicle enabled First Capital to silently enter markets without paying exorbitant prices potential purchasers may demand from a company with a $5 billion market capitalization. Iafelice’s vision is credited with developing the platform.

Adam Paul, chief executive of First Capital, would not talk about the sale but he has stated openly that divestment of its stake in Main and Main shouldn’t be viewed as any modification in strategy which it is still very much thinking about mixed-use developments.

In its 2016 yearly report, First Capital states that the partners of Main and Main Urban Real estate have together allocated $320 million of equity capital toward present and future growth and development of the Main and Main Urban Realty portfolio, which First Capital Realty’s direct and indirect commitment is approximately $167 million. Since December 31, 2016, $120.3 countless that overall had actually been invested.

In Timbercreek, Trinity has a monetary backer with deep pockets. Founded in 1999, Timbercreek has more than $7 billion under management worldwide.

Under the leadership of Fred Waks, who joined Trinity in early 2015 as president and CEO, the company is heavily associated with a strategy to redevelop Ottawa’s Lebreton Flats, that includes a new downtown hockey rink in the capital. Trinity is part of a joint endeavor with Senators Sports & & Home entertainment called RendezVous LeBreton, which has actually been designated as the preferred supporter to establish the site. The group is currently in negotiations on the Lebreton Flats website with the National Capital Commission, a government body managing the development.

High Prices, Limited Building Tempting Industrial Portfolio Sellers Back Into Sales Market

Heightened Year-End Trading Could Push U.S. Logistics, Light-Industrial Investment Volumes Past 2016 Levels

Practically any way you take a look at it, from increasing rents and e-commerce-related leasing demand, to strong financial investment sales and pricing, 2017 is forming up as perhaps the greatest year on record for U.S. industrial property.

” It’s really hard to find anything unfavorable to state about the current market,” stated Rene Circ, director of U.S. research study, commercial at CoStar Portfolio Method, who co-presented the 2017 Q3 State of the United States Industrial Market with senior handling specialist Shaw Lupton.

Net absorption of logistics area increased 3.3% in the 3rd quarter from a year ago while the U.S. job rate for industrial area reached another historical low of 6.5%, even as new supply increase by more than 3%, and light-industrial structures ticked down to 3.1%.

On the other hand, lease growth in both the warehouse and light commercial classifications once again surpassed a remarkable 6% in the 3rd quarter.

Stimulated by e-commerce supply chains that require merchants to bring larger stocks to satisfy next-day or same-day shipment expectations in warehouse closer to large population centers, logistics and light-industrial principles have actually clearly outshined the workplace, retail and multifamily sectors so far this year.

” And this explains why there’s so much interest and capital from foreign and domestic financiers flowing into the sector,” Lupton included.

” While some financiers may want they had actually invested in 2014, we still think commercial represents a great relative worth for investors putting capital today. We’ve seen an impressive run up in costs and we anticipate more growth in the sector,” Lupton said.Return of the

Industrial Portfolio Premium

Financial investment sales of storage facility and circulation facilities stay off the blistering speed set in 2015 and 2016 when foreign capital-fueled huge portfolio and platform purchases by Blackstone Group, LP, KTR Capital Partners and others resulted in record levels of financial investment volume.

Nevertheless, while couple of large portfolios were readily available on the marketplace in the very first half of 2017, financial investment activity got in the 3rd quarter and purchasers are again paying a premium for portfolios as “another wave concerns the market,” Circ stated.

” We understand there are brand-new portfolios back on the market that will cost $2 billion or more, so there’s a likelihood we’ll end year on a positive note in terms of sales volume, and we expect 2018 will begin on a strong note,” Circ said.

Earlier this month, Blackstone Group acquired 38 metropolitan commercial residential or commercial properties totaling 4.4 million square feet in Los Angeles County and the Inland Empire for $500 million from Des Moines, IA-based Principal Real Estate Investors.

Blackstone, which sold its IndCor portfolio to International Logistic Characteristic, Ltd. (GLP) for an incredible $8 billion in 2015, leapt back into the logistics sector more than a year ago with the $1.5 billion acquisition of logistics residential or commercial properties amounting to over 26 million square feet from LBA Real estate. Like many buyers, the private-equity giant is concentrated on obtaining “last-mile” circulation residential or commercial properties serving e-commerce near major population centers.

In other big offers since completion of the 3rd quarter, Toronto-based Granite Realty Financial investment Trust completed its $122.8 million purchase of a 2.2 million-square-foot Midwest commercial portfolio from Brookfield Asset Management’s Atlanta-based commercial real estate subsidiary, IDI Gazeley.

Duke Real Estate Corp. (NYSE: DRE) agreed to acquire a 10-building, 3.4 million-square-foot portfolio and a set of development parcels from Chicago-based Bridge Development Partners in a deal valued at nearly $700 million.

Supply (Mostly) in Balance with Need

While some experts have actually alerted of oversupply in certain U.S. markets, construction starts moderated in the third quarter, causing development volumes that disappointed need and additional improved U.S. rent growth, according to Prologis, Inc. (NYSE: PLD), the world’s biggest owner and designer of industrial space.

“For the very first time in my profession, net absorption is being constrained by a serious shortage of area,” Prologis Chairman and CEO Hamid Moghadam informed investors during the logistics giant’s current third-quarter profits conference. “Tight land and labor markets are functioning as governors on new building and construction.”

Moghadam added “we are hearing consistent feedback from our consumers telling us that they are operating at capacity and that is hard for them to discover extra quality space in the right locations.”

Nevertheless, with foreign capital completing versus domestic capital for the very best offers and bidding up costs, REITs and other traditional acquirers have dialed back acquisitions and refocusing on pursuing yields through advancement.

“For us to take down a big portfolio and the financing threats that brings, and after that have to arrange through and keep half– or less than half– of the residential or commercial properties, that’s a quite inefficient and expensive method to acquire possessions,” Phil Hawkins, president and CEO of DCT Industrial Trust (NYSE: DCT).

Keppel, KBS Forming New REIT to Acquire $800 Million U.S. Office Portfolio

Singapore-based Keppel Corp. has actually received approval to launch a brand-new REIT on the Singapore Exchange and has reached an offer for that REIT to get 11 U.S. office properties from Newport Beach, CA-based KBS Strategic Opportunity REIT, a nontraded REIT.

The homes have actually not been specifically identified nor has a last purchase price been set. However, KBS presently values the portfolio at $800 million with $400 million in arrearage, inning accordance with a KBS bondholder filing in Israel.

The preliminary portfolio will include workplace residential or commercial properties in markets consisting of Seattle, Houston and Denver, according to a Singapore filing by Keppel.

In those markets, KBS Strategic Opportunity REIT currently owns:

Bellevue Innovation Center– Bellevue, WA– 330,508 square feet– valued at $85.9 million;
1800 West Loop– Houston– 400,101– $73.6 million;
West Loop I & & II– Houston– 313,873– $41.4 million;
Westmoor Center– Westminster, CO– 612,890– $82.4 million;
Central Building– Seattle– 191,705– $35.4 million;
Westpark Portfolio– Redmond, WA– 778,472– $129.9 million; and
Plaza Structures– Bellevue– 490,994– $199.2 million.

KBS Strategic Chance REIT also owns workplace properties in Atlanta, Austin, Dallas, Folsom, CA, and Orlando.

After the Singapore deal, KBS Strategic Chance REIT expects to maintain a 9.5% ownership interest in the SREIT.

The SREIT will be externally handled by a joint venture in between KBS Capital co-founders Keith D. Hall and Peter McMillan III and Keppel Capital Holding. Keppel Capital has actually agreed to pay $27.5 million for its 50% share in Keppel-KBS US REIT Management Pte. Ltd., which will manage the new SREIT to be called Keppel-KBS United States REIT.

Keppel-KBS US REIT will have a financial investment technique of investing, directly or indirectly, in additional commercial residential or commercial properties in crucial growth markets of the United States

“With growing need by global financiers for U.S. realty financial investments in view of the continued steady and sustainable growth of the United States economy, this joint endeavor will offer Keppel with a tactical platform to broaden its geographical footprint in the United States market,” Keppel stated in its Singapore filing.

KBS Strategic Opportunity REIT expects to use most of the earnings from the transaction to acquire new residential or commercial properties. Last month, KBS Strategic Chance REIT acquired 125 John Carpenter Freeway, an office residential or commercial property including two office complex totaling 442,039 rentable square feet in Irving, TX for $83.4 million plus closing expenses.

The Singapore transaction undergoes a number of conditions, including the SREIT getting the essential capital, which might not be raised from U.S. financiers, to obtain the homes. Nevertheless, Keppel said the sale transaction is expected to be completed no later than Dec. 31, 2017.

Ilmarinen Teams Up with New york city Life on $620 Million Office Portfolio

Finnish Pension Fund Wants to Double its U.S. Investments with NYLife

Ilmarinen Mutual Pension Insurance Co., Finland’s earliest pension fund, and New York Life Insurance Co. have formed a new joint endeavor to own and obtain U.S. commercial properties.

New york city Life seeded the endeavor with a portfolio of initial financial investments: 6 workplace properties in Boston, Washington DC, Charlotte, San Francisco, Los Angeles and Orange County. However, the residential or commercial properties have yet to be specifically recognized other than one being the 295,451-square-foot Westory Structure in Washington, DC, inning accordance with Ilmarinen.

The combined worth of the portfolio is around $620 million. The objective is to roughly double the volume of the joint venture’s property investments in the coming years.

“The bought properties represent a geographically diversified portfolio in growing cities on both the East and West Coast of the United States. Our investments will focus on office homes that are technically sound and functionally modern-day with good occupancy rates,” said Mikko Antila, Ilmarinen’s portfolio supervisor in charge of international real estate financial investments.

Ilmarinen’s share of the joint endeavor is 49% and New York Life holds the rest.

“The tactical partnership with a conventional and reputable institutional investor provides us a strong structure to broaden our investments in United States property markets. The collaboration provides us deep insight into regional business property markets,” Antila said.

Mark Talgo, head of New york city Life Realty Investors, said the JV enables New york city Life to cast a wider web within the workplace sector, and offers further diversification to the company portfolio.

This new real estate collaboration supports Ilmarinen’s financial investment method which focuses on enhancing the international diversification of its realty financial investments. Recently, Ilmarinen has purchased the United States housing market and in another office property in the greater Washington D. location. In addition to Finland, the company has European direct realty financial investments in Germany, Belgium and the Netherlands.

QIC To Get Interests in Portfolio of 10 U.S. Regional Malls

Australian Mutual fund Obtaining Forest City’s JV Interests in $3.175 Billion Portfolio

QIC, a government owned investment company owned by the Queensland(Australia) Federal government, is expanding its property financial investment in the U.S. by getting additional interests of its joint venture partner, Forest City Real estate Capital (NYSE: FCEA), in 10 U.S. regional mall on behalf of a QIC client.

The portfolio is valued at $3.175 billion.

QIC and Forest City have been joint endeavor partners in the portfolio considering that 2013.

“We are constructing off more than a decade of generating market intelligence and understanding in the U.S. retail sector,” stated Steve Leigh, managing director of international realty for QIC. “We view the United States real estate market and the retail sector in specific as a strong investment chance. We are encouraged by the more comprehensive economic conditions in the U.S. and the durability of the customer as shown by continuing strength in the underlying fundamentals for the portfolio. We understand the value of regional shopping centers to their regional neighborhoods and have the ability and the capital to progress these assets into multi-faceted destinations,” he said.

The deal will be completed in 2 tranches with the transfer of interests in the very first six malls expected to complete by the end of the year.

The possessions in the first batch consist of:

The Shops at Northfield Stapleton in Denver, CO;
Westchester’s Ridge Hill in Yonkers, NY;
The Shops at Wiregrass in Tampa, FL;
The Mall at Robinson in Pittsburgh, PA;
Antelope Valley Mall in Palmdale, CA; and
South Bay Galleria in Redondo Beach, CA.

The first six shopping centers represent $1.24 billion of worth, roughly $667.5 million at Forest City’s share.

Forest City offered the purchaser $150 million of seller financing for a period of approximately 18 months from closing. Net proceeds for the very first 6 shopping malls, after transaction expenses and seller financing, will be around $180 million.

QIC has an option over the following 4 shopping malls in the 2nd tranche:

Victoria Gardens in Rancho Cucamonga, CA;
Galleria at Sunset in Henderson, NV;
Boardwalk Temecula in Temecula, CA; and
Brief Pump Town Center in Richmond, VA.

. The remaining 4 shopping centers represent $1.93 billion of worth, approximately $887 million at Forest City’s share.

“We are really happy to attain this essential milestone with our partner,” said David J. LaRue, Forest City president and CEO. “This transaction is a win-win for all celebrations, as we continue to focus our company on metropolitan property, workplace and mixed-use possessions, and QIC obtains complete ownership of a U.S. retail presence with high-quality local shopping centers in strong markets.

As part of the deal, Forest City is likewise transferring its retail operating platform, including most workers, to QIC. To date, functions including leasing, marketing, tenant coordination, legal and human resources have actually transitioned to QIC. Accounting, home management and remaining functions will transfer to QIC as extra closings are achieved.

With the awaited dispositions of the regional malls to QIC and the business’s New york city specialized retail focuses to Madison International, Forest City will have exited from significantly all of the shopping center-based retail in its portfolio.


Morgan Residence Purchases $509 Million Mark Center Portfolio from JBG in Largest Transaction in Virginia This Year

Pennsylvania Company Obtains 2,664 Apts. to End up being One of the Largest Multifamily Owners in Washington, D.C. MSA

King of Prussia, PA-based property investment and management company Morgan Properties swung for the fences in its very first financial investment in Northern Virginia, acquiring the Mark Center portfolio from The JBG Cos. in a $509 million offer that signs up as the biggest real estate transaction in Virginia so far in 2017.

The sale likewise positions Morgan Characteristic as one of the biggest owners of multifamily home in the greater Washington, D.C. metropolitan area.

The 150-acre Mark Center includes a multifamily and retail portfolio southwest of downtown Washington, D.C. along N. Beauregard St. in Northern Virginia’s I-395 Corridor. It encompasses 2,664 apartment units in 6 adjacent garden-style neighborhoods. Morgan Characteristic plans to invest $35 million in upgrades to the units.

The sale also includes The Shops at Mark Center, a 63,320-square-foot grocery-anchored retail center real estate CVS, Starbucks, SunTrust Bank and Global Foods, in addition to redevelopment rights protected by JBG in 2012 that increased the maximum allowed density from 2.5 million square feet to 6.4 million square feet.

Morgan Residences stated the purchase ranks as the second largest in its 30-year history. The investment company owns and handles more than 40,000 houses across Pennsylvania, Delaware, New Jersey, New york city, Ohio, Maryland, North Carolina, South Carolina, Virginia and Nebraska.

Over the past 5 years, the business has actually been especially aggressive in expanding in the Baltimore-Washington corridor, having grown its area portfolio from 4,300 to 21,500 houses through a handful of investments, consisting of the $309 million purchase of a portfolio from Berkshire in 2015 and the $247 million acquisition of a 2,000-unit rural Baltimore portfolio earlier this year.

“We felt this offer was an unique financial investment opportunity to get substantial size and scale to generate functional performances and improve the worth of the properties,” said Jonathan Morgan, president of Morgan Residence JV Management. We are on track to acquire over $1 billion of realty in 2017 and anticipate continuing to grow our portfolio.”

William Roohan, Michael Muldowney, Martha Hastings, Michael Rudolph, Robert Dean, Jonathan Greenberg and Brian Margerum of CBRE worked out the disposition on behalf of The JBG Cos., which obtained the Mark Center portfolio from the Mark Winkler Co. in 2006.

For more details on Morgan Properties’ acquisition of the Mark Center portfolio, please see CoStar Compensation # 3992026.

Nest NorthStar Forecloses on $1.3 Billion Hotel Portfolio

REIT Takes Control of 148 Limited-Services Hotels Previously Held by Goldman Sachs Funds

Nest NorthStar Inc.(NYSE: CLNS) foreclosed on a $1.3 billion, 148-property limited-service hotel portfolio.

Known as the “Tharaldson Portfolio,” the hotels were owned by Whitehall Street Global Realty LP 2005 and Whitehall Street Global Worker Fund 2005 which Goldman Sachs & & Co. was the significant financier. The homes are handled by Tharaldson Hospitality Management, which initially sold the properties to the Whitehall funds in 2006.

Whitehall finished a $1.335 billion refinancing of the homes in 2013, a $734 million portion of which was securitized in a CMBS offering. In addition, the predecessor firm to Nest NorthStar stemmed a $289 million junior mezzanine loan as part of that refinancing.

Based upon that mezz funding, Nest NorthStar took control of the 31-state portfolio through a consensual foreclosure following a maturity default on the junior mezzanine loan. In its 2nd quarter profits conference call this past week, the business now says it owns roughly 55% of this portfolio with the balance owned by third-party capital under Colony NorthStar’s management.

“At a basis of $92,000 per key and a 9% debt yield as the June 30, 2017, on depressed monetary results, we are positive about the ultimate potential customers for this financial investment,” Darren Tangen, CFO of Colony NorthStar informed analysts.

Tangen said the business considers it a non-core investment and anticipates to ultimately offer the portfolio.

In May 2015, Moody National REIT I Inc., a non traded public REIT, struck a deal to purchase the portfolio for $1.725 billion. It ended that offer 2 months later on.

Fitch Scores was one of 2 bond rating agencies that rated the 2013 CMBS offering.

The largest share of the portfolio are hotels in California with 22 hotels. The security consists primarily of limited service or extended stay residential or commercial properties, with the largest flags consisting of Fairfield Inn, Home Inn, Hampton Inn and Courtyard. A significant portion of the hotels lie in secondary and tertiary markets, consisting of some direct exposure to areas impacted by volatility in energy costs and/or weak financial development, inning accordance with Fitch. Tharaldson is based in Fargo, ND.

As of Might 2017, Fitch reported that total performance at hotels has been at peak levels, but that performance of the portfolio is likely to decline or remain steady throughout the staying loan term which grows in 2030.

Of the 148 hotels, 75 had experienced a boost in typical day-to-day space rates (ADR) and revenue per readily available room (RevPAR) for the trailing 12-month period ending March 2017. The other 73 had actually experienced a decrease.

On a general portfolio basis, issuer net capital (NCF) for the 148 hotels had increased 7.8% since issuance. Since first-quarter 2017, the hotel portfolio’s TTM tenancy and RevPAR were 70.1% and $77.97, respectively. The provider’s underwritten tenancy and RevPAR were 69.6% and $71.98.


Spirit Realty To Spin-Off ShopKo Store Portfolio, Other Possessions into a New REIT

Different REIT Would Take on Struggling Shop Operator’s Locations with Goal of Offering Them Off

Spirit Real estate Capital, Inc.(NYSE: SRC), a net lease property investment trust, prepares to spin-off of its ShopKo leased real estate and other residential or commercial properties into a different publicly traded REIT.

The REIT still to be called would consist of 925 properties with a $2.7 billion asset worth. The spinoff is anticipated to have approximately $220 million in annualized legal rent. The possessions include about 115 residential or commercial properties leased to ShopKo Stores and more than 800 other homes that collateralize in Spirit’s Master Trust 2014 (part of its asset-backed securitization program).

Currently, Shopko is Spirit Real estate’s most considerable renter and one that is getting roughed up as general product buyers shift to online buying. In the very first financial quarter, ending in April 2017 Spirit owned Shopko same-store sales were down 2.9%, according to Spirit Real estate.

ShopKo represents about 8.2% of Spirit Real estate’s rental earnings. It has been taking actions in the last three years to obtain it down to that concentration from more than 10%.

Moving the Shopko shops into a new REIT is created to benefit both REITS, according to Spirit Realty.

Following completion of the transaction, Spirit is expected to own over 1,540 residential or commercial properties, with a gross realty investment of $5.4 billion and investment grade equivalent tenancy of 45%. Spirit is anticipated to have around $395 million in annualized legal lease, without any occupant representing more than 5% of that total.

For the new REIT, the Shopko shops are created to be a main source of new financial investment capital, as the strategy is to deal with the majority of the residential or commercial properties.

If you take it to its complete conclusion, the sale of $600 countless Shopko stores can result in financing $2.4 billion of real estate at a cap rate of 7.5%, Jackson Hsieh, president and CEO of Spirit Real estate stated in a teleconference revealing the spinoff. That would own over 50% development in the new REIT.

“Our company believe this strategy will create substantial earnings for growth, eliminate and separate specific structural impediments, and develop two business that have unique capital structures with strong tenancy to fit their particular organisation techniques,” Hsieh stated. “I am really delighted about this plan, which we expect will result in much better positioning of capital structure with assets, position each business with a competitive cost of capital and liberate worth fundamental in our business.”

Most of the board of the new REIT will be independent but there will be shared service, property management and tactical alliance agreements with Spirit.

Morgan Stanley is serving as monetary consultant to Spirit Real estate Capital Inc. in connection with its organized spin-off.

Nest NorthStar Picks Up $201 Million Storage facility Portfolio Along I-95 Passage

TA Realty Sells 20-Property, 2.8 Million-SF Portfolio Concentrated in Baltimore Region

Nest Northstar (NYSE: CLNS) has actually completed a deal to get $201 million worth of industrial property along the I-95 passage between Maryland and Delaware from fellow institutional financier TA Realty.

The Los Angeles-based Colony Northstar paid almost $72 per square foot for the portfolio, which totals 2.8 million square feet over 20 homes with the highest concentration situated in the Baltimore MSA.

The Mid-Atlantic portfolio, that includes the seven-building DeSoto Business Park in Baltimore, is 94% leased to 64 renters headlined by McCormick & & Co., Cost Modern, Sardo & & Sons Warehousing, Gourmet Pastry shop, MXD Group and Capitol Express. The remaining properties total 434,969 square feet and lie in Newark, DE and Aston, PA.

. Jonathan Carpenter, Graham Savage, Andrew Stanford, Laura Smith, Jarred Testa, Tilghman Herring, Robert Yoshimura and Joseph Hill of Cushman & & Wakefield, in partnership with in-house associate Nicole Dutra Grinnell, handled the personality on behalf of TA Realty.

Please see CoStar COMP # 3956427 to find out more on this transaction.

Hampshire Cos. Sells Six-Bldg Industrial Portfolio for $147 Million

AEW Capital Management Obtains 1.2 Million SF Across Northern New Jersey

June 20, 2017

Boston-based AEW Capital Management acquired a six-property Northern New Jersey industrial portfolio from The Hampshire Cos. for $146.85 million, or about $121 per square foot.This deal totals about 1.22 million square feet in structures situated across the Route 46 Corridor, Teterboro Airport, Fairfield, and Carteret/Avenel commercial submarkets. Of the six properties, 200 Middlesex Ave. in Carteret, NJ, is the biggest at 408,437 square feet and is currently inhabited by Continental Terminals.Other prominent occupants that are included within the portfolio are R.R. Donnelley, RLB Food Distributers and Sealed Air.” With demand high and product restricted, now was the right time to perform our financial investment strategy and sell the portfolio,”Todd Anderson of The Hampshire Cos. said in a release.The vacancy rate in the market is a tight 5% and asking rental rates averages$6.64 per square foot in the existing quarter, inning accordance with CoStar data.Jody Thornton, Jon Mikula, Jose Cruz, David Giancola, and Rob Borny of HFF, Inc. represented Hampshire Cos. in the transaction. Andrew Zak supplied in-house representation for AEW Capital Management.Please see CoStar COMPS # 3929541 for more information on the transaction. “Go To National News Page