TAMPA, FL-Chicago-based First Industrial LP has acquired a 209,500-sf warehouse facility 100% leased to Montreal-based CAE Inc., which calls itself the world's leader in manufacturing civil aviation simulation equipment. First Industrial paid locally based Krauss/Schwartz Properties Ltd. $12.04 million, or $57.47 per sf, for the property at 4908 Tampa West Blvd.
The property was on the market for five months. The deal took five months to complete from contract signing to closing. The property was built in phases in 1979 and 1983. The Tampa office of Cushman & Wakefield of Florida Inc. negotiated for the seller. First Industrial represented itself.
A Cushman & Wakefield representative declined to disclose the length, value or rent of the CAE lease. However, area industrial brokers familiar with the submarket tell GlobeSt.com the lease is probably for 10 years at an effective rent of $3 per sf for an estimated aggregate value of $6.29 million.
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