Britten C. Shuford of Leonard & Ohren, who represented theseller and many of the investment buyers, says the average purchaseprice of $129 per sf is among the highest paid for comparableproperty in the local market. The buildings range in size from7,300 sf to 8,000 sf and were mostly leased to local creditcompanies at the time of sale.
First Industrial acquired the portfolio in 2001 from theoriginal developer, Alan Blackmore, for approximately $5.7million.
Four private investors, all of whom were involved in separate1031 Exchange transactions, separately purchased the leased assetswhile owner-users acquired two of the buildings. The average caprate for the transactions was 7.3%.
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