hsa commercial real estate acquires 2.5 million square foot multi-state portfolio from pension funds
May 31, 2005
(Chicago – May 31, 2005) – Jack Shaffer, chairman, HSA Commercial Real Estate, is pleased to announce that HSA has recently acquired a multi-state portfolio of 11 industrial buildings totaling 2.5 million square feet. Dan Miranda, president of HSA, and Eric Ogden, vice president of HSA, led the acquisition team.
The portfolio, formerly owned by two large pension funds, New York State Teachers and SERBO, was presented for sale by Michael Caprile of CB Richard Ellis, who represented Invesco, the seller's investment manager. “Both seller and brokerage entities know HSA as a high likelihood closer and this deal was no different,” said Michael Caprile, executive vice president, industrial investment specialist, CB Richard Ellis. “They were very deliberate and focused during the acquisition and kept the due diligence process to a virtually unheard-of less than 30 days.”
HSA Commercial Real Estate considers these properties a valuable addition to their $1 billion real estate portfolio because of their balance of solid cash flow and opportunity to add value. The properties are located in solid Midwest distribution markets, consist of a desirable square footage and feature well-occupied, high quality tenants balanced with quality assets. Current tenants include Kellogg, Gap, Hammacher Schlemmer, MBM Distribution, Sears, Menlo Logistics and Eagle Logistics.
The portfolio acquired includes the following:
*Detailed property information is available upon request.
“New York State Teachers and SERBO are sophisticated real estate investors and Invesco is well-known as a successful investment manager,” said Miranda. “We see this acquisition as an opportunity for HSA to apply superior, cost effective management for the current tenants and to build value from the already-strong assets.”
HSA will apply its award-winning formula to this portfolio by mobilizing its integrated brokerage and property management teams. These professionals, led by leaders in the fields of industrial real estate and property management, currently manage and lease properties in eleven states. The firm completes transactions throughout the United States and is an active buyer of all commercial real estate property types.
Celebrating more than 24 years of excellence in commercial real estate, Chicago-based HSA Commercial Real Estate is a full-service real estate firm specializing in office, industrial, retail and health care real estate leasing, management, marketing, development and financing on a national basis. The firm and its principals have developed and acquired more than 30 million square feet of commercial real estate with total consideration in excess of $1.5 billion, its brokerage divisions have completed more than 6,500 transactions in over 30 states representing both owners and tenants, while the asset management division currently manages a property portfolio in excess of 18 million square feet.
###
