Hackman Capital, Oaktree Capital Affiliate Form Industrial JV

Hackman Capital, a privately-held real estate investment firm, has completed the recapitalization of its national industrial portfolio as the result of a new partnership formed between OCM NIP JV Holdings L.P., an indirect subsidiary of investment 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 REIT 1. The national industrial portfolio, which was originally acquired in August 2007, includes 26 industrial properties with more than 11 million sq. ft. of net rentable space.

The bulk of the portfolio is 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," John Brady, Oaktree’s global head of real estate, said in a prepared statement. "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, Hackman Capital’s national industrial portfolio benefited from more than 2.6 million sq. ft. 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," Hackman Capital CEO Michael Hackman said in a statement. "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."

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