X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-The deadline is Friday for bids on a 31-property, 3.2-million-sf portfolio being shopped by First Industrial Realty Trust. The REIT is looking to off-load single-tenant assets in the Atlanta, Chicago, Cincinnati, Dallas, Detroit, Harrisburg, Louisville, Milwaukee, Minneapolis, Philadelphia and Pittsburgh markets that are generating $13.6 million of net operating income.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.