N.H. properties in $516m REIT deal
The California-based KBS Real Estate Investment Trust is heading a joint venture that will acquire an 11.4 million-square-foot industrial portfolio – including property in New Hampshire – for $516 million.
The portfolio was sold by Needham, Mass.-based Equity Industrial Partners Corp., which had been acquiring the properties over the past 15 years.
KBS will have an 80 percent stake in the deal, while Hackman Capital Partners and Calare Properties will split the remaining 20 percent.
The acquisition consists of 24 institutional-grade properties and two developable land parcels totaling 39 acres, KBS said. The portfolio is currently 94.4 percent leased by 38 tenants, including The Home Depot, Penn Traffic Co., Regency, Tyco International, Lego, Staples, Kraft Foods, Jabil, Coca Cola and Dial Corp.
Among the properties in the portfolio are 57-59 Daniel Webster Highway, two light manufacturing facilities totaling 578,290 square feet in Merrimack. – JEFF FEINGOLD