Boston, MA (PRWEB) February 28, 2017
Hackman Capital Partners LLC and Calare Properties, Inc., announced today the sale of The Jackson Avenue Warehouse at 133 Jackson Avenue in Jamestown, New York. Regal Service, the buyer, will continue to occupy 100% of the 287,959-square-foot distribution facility.
Regal Service, a 100% employee-owned transportation company, is a 51-year-old entity serving multinational manufacturing companies, as well as the food industry. The company has occupied space in The Jackson Avenue Warehouse since 2011 and, after several expansions, took over the entire facility in early 2014. The company has additional facilities in New York, western Pennsylvania and Maryland.
The Jackson Industrial Center was part of an approximately 11.38-million-square-foot industrial portfolio purchased in 2007 by a joint venture formed by Hackman Capital Partners, Calare Properties and KBS Real Estate Investment Trust. The venture still owns 15 buildings in the portfolio, totaling more than 5 million square feet. More than 4 million square feet of those buildings are located in Massachusetts, New Hampshire and Pennsylvania; the remainder are in Texas.
“Since the portfolio was acquired, we repositioned and rebranded many of the properties,” said Michael Hackman founder and CEO of Hackman Capital Partners. “The Jackson Industrial Building’s location, high bays and abundant loading capacity made it a great fit for Regal when they first leased space in it six years ago. We’re thrilled it has continued to meet their needs and very pleased with the sale.”
More About Hackman Capital Partners
Hackman Capital Partners is a privately-held, real-estate investment and operating company that focuses on the acquisition of commercial properties in major U.S. markets and other real estate that can be repositioned for higher and better uses. Founded in 1986, Hackman Capital has conducted more than $3 billion in real estate transactions across 41 states—having owned, through affiliated entities, over 400 buildings totaling 35-plus million square feet and 24,000 acres of developable land. The company is based in Los Angeles, California with offices in Columbus, Ohio, Chicago, Illinois and Boston, Massachusetts. It currently employs 82 people and manages approximately 300 major tenant companies nationwide, including Home Depot, Staples, Coca Cola, Lowe’s, Sony and Lego.For more information, visit hackmancapital.com.
About Calare Properties
Founded in 2003, Calare is a real estate operator focused on acquiring and managing warehouse, manufacturing, research and flex/office assets primarily in the Northeast. The company’s experienced team and fully integrated operating platform provide investment, asset management, leasing and property management expertise to drive performance at all stages of the investment process from acquisition through disposition. Calare has led the acquisition of more than 17 million square feet of properties, representing $800 million in real estate transactions through funds, direct deals and a multi-asset portfolio. For more information, visit calare.com.