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PHILADELPHIA-In a multi-market transaction, General Motors Corp. disposes of,then leases back, four major distribution centers in Bucks County, PA; Broadview, IL; Santa Fe Springs, CA, and Reno, NV. All are more than 368,000 sf, and the largest is the 562,560-sf Bucks County property.

Chicago-based First Industrial Realty Trust used its Integrated Industrial Solutions corporate real estate program to handle the four-property transactions. The IIS operating platform leveraged the nationwide GM portfolio of diverse industrial facility types and First Industrial’s local management presence in each market to deliver a complete program for GM.

“Our national presence enabled us to promptly asses the value of the assets…and quickly close the transaction,” says Jim Carpenter, executive director of First Industrial, in a statement.

Neither the sale prices nor the rental rates of the properties were disclosed. Asking rental rates on distribution properties in Bucks County averages between $4.20 per sf and $5.50 per sf, according to GlobeSt.com research.

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