Hackman/KBS Industrial Portfolio

9700 Gulf Bank Road, Houston, TX 77040

Property Overview

The Hackman Industrial Portfolio represents an 80% joint venture interest in a $516 million portfolio of institutional quality industrial properties located in Massachusetts, Connecticut, Texas, New York, New Hampshire, Pennsylvania and Colorado. The Portfolio includes a total of 24 properties (31 buildings) containing 11,356,773 square feet of net rentable area along with two excess land parcels that total 39 acres with the opportunity to develop approximately 725,000 square feet of additional industrial space. Property types consists of a diversified mix of warehouse, cold storage/cooler/freezer, light manufacturing and flex buildings. Current occupancy in the portfolio is approximately 94% with an opportunity on selected assets to enhance returns through aggressive management, leasing and development.

KBS is partnering in this transaction with Hackman Capital Partners/Calare Properties. Hackman is a Los Angeles based investment firm with over 20 years experience in the acquisition of industrial real estate and capital assets, and Calare Properties is a Massachusetts based real estate company that has been in the real estate investment and development business for over 50 years.

Investment at a Glance

Location: CO, TX, PA, CT, NY, NH, MA

Property Type: Industrial

Investment Type: 80% Joint Venture

Acquisition Date: August 9, 2007

Purchase Price: $515,850,000

KBS Investment Amount: $412,680,000

No. of Buildings: 32

Square Footage: 11,356,773 SF

Leased Percentage (at the time of Acquisition): 94%

$515,850,000 Total Purchase Price
11,356,773 square feet Total Rentable Area
Class A Building Class