Among the $69.1 million in third-quarter property sales was 19W751 101st St. in Lemont, a 147,000-sf building sold for $7.2 million. The sale trims First Industrial's Chicago area portfolio to 40 properties, with nearly 4.4 million sf. It was 87% occupied, generating rents averaging $4.51 per sf, according to the company's earnings report.
In addition to the $160 million in acquisitions under contract, First Industrial has offers out totaling $313 million on additional properties, reports chief investment officer Johannson L. Yap.
"I really like what I see out there," says president and chief executive officer Michael W. Brennan, noting reports in increased business spending, GDP growth and high levels of corporate cash on hand.
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