$474m industrial buy a sign of things to come.ING Clarion Partners is acquiring the Western Industrial Portfolio for $474 million. The purchase consists of 30 properties and 68 buildings totaling 7.1 million square feet. The acquisition was made on behalf of two open-end ING o·pen-end adj. 1. Having no definite limit of duration or amount: an open-end contract. 2. Clarion commingled funds Commingled Fund A type of mutual fund consisting of assets from several accounts that are blended together. Sometimes called a "pooled fund." Notes: They are "commingled" to reduce the costs of managing them separately. and one ING Clarion separate account client. The Western Industrial properties are located in Seattle, Portland, North California, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , Phoenix, and Dallas. Tenants include such well-known industrial icons as Boise Cascade Boise Cascade Holdings, LLC, which uses the trade name Boise, is an American pulp and paper company, ranked as the thirteenth largest forest products company in the world. , Georgia-Pacific, and Eastman Kodak. The properties are currently 85 percent occupied. "The industrial sector has been a solid performer for investors over the past several years, and ING Clarion's research anticipates continued above-benchmark performance," said Peter Stone, senior vice president of acquisitions. "The Western Industrial Portfolio enables us to increase our concentration in difficult-to-access west coast markets that are expected to benefit from a strengthening economy." |
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