Properties, which are being shopped by CB Richard Ellis' net-leased properties group, can be had individually, in groups or as an entire portfolio. The asking price for the entire package is $151.2 million.
First Industrial Realty Trust sold 73 properties for $323.7 million through the first nine months of the year, receiving an average capitalization rate of 8.9%, close to what the current package is being offered. Meanwhile, the REIT has acquired 4.2 million sf for $169.6 million while putting another 2.5 million sf of new developments worth $92.1 million into service.
Locally, the package includes an 81,610-sf building leased to GE Medical Sytems, a 34,800-sf building leased to G.D. Searle & Co. and a 30,380-sf building leased to Donaldson, Lufkin & Jenrette. Four assets in Milwaukee totaling 211,259 sf are in the package, with two leased to General Electric. Recent additions to the portfolio include a 59,030-sf asset leased to Nextel Partners in Minneaplis as well as a 100,250-sf building in suburban Eden Prairie leased to Ritrama Duramark.
The largest property, and the one carrying the heftiest individual price tag, is a 504,000-sf facility in Atlanta leased to Usco Contract Logistics, LLC. That property is being offered at $15.6 million. First Industrial Realty Trust aims to shed nearly 1.5 million sf of property in the Atlanta market.
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