Mark Mimms, senior associate for Sperry Van Ness in Fresno, CA represented the buyer, while Duke Suwyn and John Kuiper of Grubb & Ellis Paramount represented First Industrial. A $38-million loan on the property was arranged by Mary Carlston of GMAC.
"SVN Equities is aggressively looking to expand its presence outside the Western United States," says Rand Sperry, CEO of SVN. "This portfolio provided a great opportunity in a thriving market."
Sperry adds that SVN is now the third-largest investment owner of industrial property in Grand Rapids. The acquisition marks the firm's first expansion outside the Western US.
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