First Industrial Buys 2000 Building of the Year

AURORA, CO-Chicago-based First Industrial Realty Inc. has paid $3.75 million, or $46 per sf, for an 81,564-sf industrial property in Gateway Park at 18150 E. 32nd Pl. Sabey Corp sold the building.

The purchase increases First Industrial’s northeast portfolio to 1.8 million sf and its total Denver portfolio to 4.9 million sf.

The building is near Interstate 70 and Tower Road near Denver International Airport. The building received NAIOP’s Building of the Year award in 2000.

”This acquisition is a demonstration of First Industrial’s continued commitment to the Northeast industrial market,” says Greg Downs, managing director for First Industrial. ”We are actively looking for new acquisition opportunities and we hope to be closing more deals like this throughout 2002.”

Tim D’Angleo and Jim Capecelatro of Fuller and Co. represented First Industrial and Jason Addlesperger of the Frederick Ross Co. represented Sabey.