MADISON HEIGHTS, MI-In the second phase of a two-phased structured closing, Malvern, PA-based Liberty Property Trust LP has sold the final assets in a 16-building, 249,729-sf light-industrial portfolio. The buyer was Chicago-based First Industrial Realty Trust Inc.
The second closing involved the transfer of three local buildings totaling 55,164 sf. "One was leased, and two were vacant," explains Paul Hoge of Signature Associates-Oncor International's Southfield office. Hoge and Signature colleague Joe Bayai represented both the buyer and seller in the transaction. Hoge tells GlobeSt.com that Signature will continue handling leasing and potential sales activities on behalf of the new owner.
The other 13 buildings in the portfolio, located in Madison Heights and Troy, were 100% occupied at their closing during early Q4 of last year. At the time, the thought was to provide more time for the sellers to lease the property.
Although the price was not disclosed on the sale, experts point out that property of this type can range between $55 per sf to $65 per sf.
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