The purchase price for the three class A distribution centerswas $17.4 million, according to county property records. Therecorded price does not include sale taxes, broker commissions orthe penalty to pre-pay the loan on one of the properties. AndrewHarnish and Chris Spofford with Jones Lang LaSalle representedFirst Industrial in the transaction.

While the parties involved declined to reveal the cap rate onthe deal, recent similar deals have traded in the mid-6% range,local industry experts tell GlobeSt.com. If that was the case forthis deal, then the acquired portfolio's NOI would be approximately$1.1 million. That works out to an average rent of around $0.40 persf, which is just a couple of pennies shy of the current marketrent, according to industry experts.

Gary Danklefsen, regional director for First Industrial'sSeattle-Tacoma says the acquisition complements the company's328,500-sf, two-building "green" development at the First ParkMeridian Campus in Lacey, WA, near Olympia. First Industrial ownsan additional 256 acres of developable land in the Seattle-Tacomamarket that could support 3.8 million sf of development.