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CHICAGO-Locally based First Industrial Realty Trust lost its largest tenant with the sale of three buildings to a California-based tenancy-in-common group. Jacobson Transportation has its headquarters in the 731,169-sf warehouse complex in Des Moines, which Evergreen Realty acquired for $25.4 million.

Before the sale, Jacobson Transportation was First Industrial Realty Trust's largest tenant, according to the REIT's most recent financial report. The company was paying $4.5 million for nearly 1.6 million sf. Meanwhile, the US General Service Administration pays $2.3 million for its 312,251 sf and DMI, Inc. leases 720,953 sf for $1.8 million.

The property includes a 400,000-sf building at 3811 Dixon, where the third-party logistics company uses 42,863 sf of office space for its corporate headquarters. At 3901 Dixon, Jacobson Transportation leases a 200,000-sf building. In addition, there is a 131,160-sf building at 1675 NE. 51st Ave. with 10,468 sf of office space. The buildings a mile from the I-80 and I-235 interchange.

CB Richard Ellis' Andrew Sandquist and Robert Brennan, who specialize in net-leased properties and sale-leasebacks, represented First Industrial Realty Trust and the buyer, Evergreen Realty. The duo has closed sale-leaseback deals totaling $300 million and 4.8 million sf over the last 12 months.

Instant Insights /

First Industrial Sells Assets Leased by Top Tenant

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