Among the big sellers of property is Chicago-based FirstIndustrial Realty Trust, which has placed 1.3 million sf ofbulk-warehouse and manufacturing space and 600,000 sf ofoffice-showroom space on the market. Indianapolis-based Duke-WeeksRealty Corp. has put up for sale about 1 million sf ofoffice-warehouse space, and Des Moines-based Principal Financial isselling 600,000 sf of office-showroom space.
"We usually sell about 3 million sf to 4 million sf each year,"Bjelland says. "But we've already sold 2 million sf this year, soif everything gets sold, it will be the biggest year in three tofour years, maybe longer."
That's a big 'if,' however. Bjelland thinks that all the bigREITs will end up having to split up their offerings into smallergroupings, since the market for this space will likely be smallerlocal investors.
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