1.7M SF of Industrial Assets on Auction Block

CHICAGO-Sheldon Good & Co. is fielding offers and setting up the auction podium for nearly 1.7 million sf of industrial property along with acreage owned by New York-based Alcoa. The aluminum producer is selling 17 assets in eight states after deciding they are surplus properties.

Sealed bids will be opened and auctions held in a two-week period beginning Oct. 22. Closings are expected by the end of the year.

The largest property is a 780,000-sf building on 122.4 acres in Lebanon, PA, next to a business park. Also in the surplus portfolio is a 256,000-sf building in Newton, MA, which is fully leased through 2008 and is generating $1 million of net income. Located next to a shopping center, the property is considered a redevelopment play.

Two properties are located within driving distance of Atlanta’s Hartsfield International Airport. They include a 261,500-sf building on 11 acres in Jonesboro, GA and a 92,260-sf building on 20 acres in Fairburn, GA.

Another big-box property is in Franklin, IN, where Alcoa hopes to shed a 286,555-sf manufacturing building on 20 acres. In Lafayette, IN, a two-acre commercial site is available.

A 60-acre site in Sparks, NV is being sold. It is in a 1,500-acre industrial park, next to a facility Alcoa is keeping. Alcoa also is selling 85 acres next to a building it owns in Sidney, OH.