424B3 1 d424b3.htm SUPPLEMENT NO. 13 Supplement No. 13

Filed Pursuant to Rule 424(b)(3)

Registration No. 333-152653

CB RICHARD ELLIS REALTY TRUST

 

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Supplement No. 13 dated November 2, 2010

to the Prospectus dated April 28, 2010

We are providing this Supplement No. 13 to you in order to supplement our prospectus dated April 28, 2010. This Supplement No. 13 provides information that shall be deemed part of, and must be read in conjunction with, the prospectus, which was supplemented by Supplement No. 7 dated September 3, 2010, which superseded and replaced all prior supplements to the registrant’s prospectus dated April 28, 2010, Supplement No. 8 dated September 16, 2010, Supplement No. 9 dated October 6, 2010, Supplement No. 10 dated October 15, 2010, Supplement No. 11 dated October 21, 2010 and Supplement No. 12 dated October 29, 2010. Capitalized terms used in this Supplement No. 13 have the same meanings in the prospectus unless otherwise stated herein. The terms “we,” “our,” “us” and CBRE REIT include CB Richard Ellis Realty Trust and its subsidiaries.

RECENT DEVELOPMENTS

Acquisition of the National Industrial Portfolio

On October 27, 2010, we acquired six of the seven warehouse distribution centers that comprise the National Industrial Portfolio, using the net proceeds from this offering, as detailed below.

 

Property and Market

   Year
Built
     Tenant      Net Rentable
Sq. Feet
     Percentage
Leased
     Leased
Expiration
     Approximated
Total
Acquisition Cost
     Acquisition
Cap Rate(1)
 

4701 Gold Spike Drive

                    

Dallas, TX

     2002        
 
ConAgra Foods
Packaged Foods, LLC
  
  
     420,360         100%          04/2025        $ 20,000,000         7.8%   

1985 International Way

                    

Cincinnati, OH

     1998         McLane Foodservice, Inc.         189,400         100%          12/2013        $ 14,750,000         9.2%   

Tolleson Commerce Park II

                    

Phoenix, AZ

     1999        
 
 
Menlo Logistics, Inc.;
Docusafe of Phoenix, Inc.;
Weber Distribution, LLC
  
  
  
     217,422        
 
 
47.3%;
30.6%;
22.1% 
 
  
  
    
 
 
07/2011;
03/2017;
02/2012 
 
 
  
   $ 9,500,000         9.3%   

Rickenbacker II

                    

Columbus, OH

     1999         Excel, Inc         434,120         47.4%          12/2011        $ 8,750,000         5.4%   

Summit Distribution Center

                    

Salt Lake City, UT

     2001        
 
 
Cummins Filtration, Inc.;
Big O Development, LLC;
Marko Product, Inc.
  
  
  
     275,080        
 
 
43.5%;
39.1%;
17.4% 
 
 
  
    
 
 
03/2014;
11/2013;
01/2013 
 
 
  
   $ 12,500,000         8.4%   

3660 Deerpark Boulevard

                    

Jacksonville, FL

     2002        
 
ConAgra Foods
Packaged Foods, LLC
  
  
     321,500         100%          07/2014        $ 15,750,000         8.8%   

Upon closing, we paid the investment advisor a $1,224,000 acquisition fee. While we anticipate that the acquisition of the seventh property in the National Industrial Portfolio will close during the fourth quarter of 2010, the agreement to acquire the seventh property is subject to a number of contingencies and therefore there can be no assurances that this acquisition will occur.

Acquisition of Langenbach

On October 28, 2010, the European JV acquired Langenbach, located at 85416 Langenbach, Germany, a suburb of Munich, for approximately $23,339,643, exclusive of customary closing costs, using the net proceeds from this offering. Upon closing, we paid the investment advisor a $280,074 acquisition fee. Langenbach is a 225,106 square foot warehouse distribution center that was constructed in 2010 and is 100% leased to DSV Stuttgart GmbH & Co. KG, or DSV, through July 2015. DSV provides transportation services and logistics solutions globally. We own an 80% interest in the European JV. The estimated acquisition cap rate for Langenbach is 7.8%.(1)

 

(1)

Acquisition cap rate equals annualized in-place net operating income divided by total acquisition cost for the property. Annualized in-place net operating income equals, on an annualized cash basis as derived from leases in-place at the time we acquire the property, rental income and tenant reimbursements less property and related expenses (operating maintenance, management fees and real estate taxes) and excludes other non-property income and expenses, interest expense, depreciation and amortization and our company-level general and administrative expenses.