Hackman Capital Announces New Partnership with Oaktree Affiliate in National Industrial Portfolio Joint Venture

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Successful recapitalization of 11-plus million square foot industrial real estate portfolio, the result of new partnership struck between an affiliate of Oaktree Capital Management, L.P. and a joint venture among entities controlled by Hackman Capital, Calare Properties, Inc. and KBS Real Estate Investment Trust (KBS REIT 1).

Hackman Capital, a privately-held real estate investment firm, announced today the successful recapitalization of the National Industrial Portfolio. The recapitalization is the result of a new partnership struck between OCM NIP JV Holdings, L.P., an indirect subsidiary of certain investments funds managed by Oaktree Capital Management, L.P., and the portfolio's original owners, a joint venture formed among entities controlled by Hackman Capital, Calare Properties, Inc, and KBS Real Estate Investment Trust (KBS REIT 1). The National Industrial Portfolio, originally acquired in August 2007, includes 26 industrial properties with more than 11 million square feet of net rentable space.

The bulk of the properties are located in key New England distribution markets, but the portfolio also includes properties in New York, Pennsylvania, Colorado and Texas. Hackman Capital and Calare Properties will continue to manage the portfolio.

"We are strongly committed to building the portfolio's value," said John Brady, Global Head of Real Estate for Oaktree. "Capital will be infused to fund building improvements, including several exciting redevelopment projects, which will enhance our leasing efforts across the portfolio."

In spite of a sluggish economy, the National Industrial Portfolio benefited from more than 2.6 million square feet of new and renewal leases executed in 2011. Among the portfolio's current tenants are Lego, Home Depot, Staples, Coca-Cola, Kraft, Regency Transportation, Nanocomp Technologies, Regal Services, USPS and Macy's.

"We are thrilled with the recent tenant activity in the portfolio," said Michael Hackman, CEO of Hackman Capital. "We plan to continue leasing the properties aggressively across the country, and redevelopments currently underway in Massachusetts, New Hampshire and Texas will further enhance our product offering."

More About Oaktree
Oaktree is a leading global investment management firm focused on alternative markets, with $73 billion in assets under management as of September 30, 2011. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 600 employees and offices in 13 cities worldwide. For more information, visit http://www.oaktreecapital.com

More About KBS
KBS Capital Advisors, an affiliate of KBS Realty Advisors, is a private equity real estate company and SEC-registered investment advisor founded in 1992 by Peter Bren and Chuck Schreiber. One of the nation's largest buyers of commercial real estate, KBS Capital Advisors targets major office and industrial markets across the country and operates a portfolio valued at over $7.4 billion. Since 1992, KBS-affiliated companies have completed transactional activity of approximately $20 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs. For more information, visit http://www.kbsrealty.com.

More About Hackman Capital
Hackman Capital is a privately-held investment firm specializing in industrial real estate and equipment. Founded in 1986, the company has been a principal investor in more than $800 million in real estate and has conducted equipment transactions on four continents. Hackman Capital currently manages for its affiliates more than 14 million square feet of real estate across the United States, including 50 buildings and 950 acres of developable land. The company is based in Los Angeles. For more information, visit http://www.hackmancapital.com.

More About Calare Properties
Calare Properties is a Massachusetts-based real estate investment manager that currently owns and manages more than 14 million square feet of distribution, manufacturing and office properties throughout the United States. Calare has made over $630 million in value-focused real estate investments through several private equity partnerships. For more information, visit http://www.calare.com.

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Audrey Hackman