AMB Sells Fund Assets

AMB Property Corp., a San Francisco-based industrial real estate investment trust, has sold assets from one of its funds for $618 million, or $106 per square foot.The AMB Institutional Alliance Fund I was set up in 1999 as a multi-investor fund and owned 100 buildings totaling about 5.8 million square feet in 11 U.S. markets, AMB reported. Hamid R. Moghadam, AMB's chairman and chief executive officer, said the sale "allowed us to take advantage of favorable market conditions, producing an internal rate of return for our private capital investors in excess of 20%." AMB shareholders will also reap the benefit of the gain on AMB's 21% share in the fund, he added. For this share, the REIT received about $26 million in cash and one "on-tarmac" air cargo property, according to AMB. The company can be found online at http://www.amb.com.