It may be a challenging economy, but we have great facilities with the features tenants are seeking, and maybe more importantly, the flexibility to make the deal work.
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Devens, Mass. (Vocus) December 15, 2009
Hackman Capital Partners, LLC (HCP) announced today that 31,000 square feet has been leased at 50 Independence Drive in Devens, Massachusetts. The space will be used as a logistics center for raw and unfinished product.
Executive VP/Partner Mark Reardon and First Vice President David Corkery, of the CB Richard Ellis/NE Suburban Team, represented the landlord in the transaction.
Built in 1997 and significantly expanded in 2003, 50 Independence Drive is a first-class, 235,000 square foot industrial property, located in the Devens Commerce Center. The Center, formerly the Fort Devens military base, is a self-contained business and residential community that spans more than 4,400 acres along Route 2, approximately 35 miles northwest of Boston. 50 Independence Drive, along with its sister property at 15 Independence Drive, also in the Center, are part of the $516 million National Industrial Portfolio, a joint venture among entities formed by Hackman Capital Partners, LLC, Calare Properties, Inc. and KBS Real Estate Investment Trust I (KBS REIT I). Hackman Capital Partners manages the properties.
"Thanks to this recent lease, our properties in the Devens Commerce Center are now 92% occupied," said John Root, Senior Vice President of Asset Management for Hackman Capital Partners. "It may be a challenging economy, but we have great facilities with the features tenants are seeking, and maybe more importantly, the flexibility to make the deal work," Root continued, referring to the landlords' willingness, among other things, to subdivide space for the new tenants.
51,000 square feet of space is still available at 50 Independence Drive, which touts such impressive features as 8-inch reinforced floors, 14 tailboard loading docks, 24- to 32-feet clear heights, ample power, ESFR sprinklers, metal halide lighting and more. To facilitate relocation, Hackman Capital Partners also offers potential tenants assistance with tapping the area's economic incentives and business resources.
For additional information or interviews related to this release, contact:
Hackman Capital Partners, LLC
310-473-8900, ext 150
For information about leasing space at 50 Independence Drive, contact :
David Corkery at CB Richard Ellis
617-912-7036 or david(dot)corkery(at)cbre-ne(dot)com
Robert Le Claire at CB Richard Ellis
617-912-7295 or robert(dot)leclair(at)cbre-ne(dot)com
About Hackman Capital Partners, LLC
Hackman Capital Partners is a private real estate investment firm specializing in the acquisition, management, redevelopment and adaptive reuse of industrial and commercial real estate. Founded in 1987, the company pursues value-added investment opportunities nationwide, and currently owns and manages more than 16 million square feet of real estate across the United States. Hackman Capital Partners is headquartered in Los Angeles, and has regional offices in Chicago and Kalamazoo, Michigan. For more information, visit http://www.hackmancapital.com .
About Calare Properties, Inc.
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 .
About KBS REIT
KBS REIT was formed by Peter Bren, President, Charles Schreiber, Chief Executive Officer and Chairman, Peter McMillan, Executive Vice President and Treasurer and Keith Hall, Executive Vice President. For more information, visit http://www.kbsreit.com .
About KBS Companies
Headquartered in Newport Beach, Calif., KBS Capital Markets Group (http://www.kbs-cmg.com ) is the dealer manager for KBS REIT I and KBS REIT II. KBS Capital Advisors is the advisor for KBS REIT I and KBS REIT II. Both companies are affiliates of KBS Realty Advisors, a private equity real estate company and SEC-registered investment advisor founded in 1992 by Peter Bren and Chuck Schreiber. Since 1992, KBS has completed transactional activity exceeding $16 billion via 19 separate accounts, six commingled funds and two private equity REITs. KBS has offices in Newport Beach, San Francisco, Chicago, Boston, Dallas, New York, Washington, DC, Atlanta and Los Angeles. For more information, visit http://www.kbsrealty.com .
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2008 revenue). The Company has approximately 30,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 “best in class” company for three years in a row.
CB Richard Ellis’ New England practice has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. The firm serves real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales, property facilities and project management, corporate services, debt and equity financing, investment management, valuation and appraisal, research and investment strategy, and consulting.
For more information, visit http://www.cbre.com .