PHOENIX-Chicago-based First Industrial Realty Trust taken title to 800,000 sf of development on about 59 acres in the southwest submarket, paying $34.8 million to the Mack Co. for a trio of under-construction buildings and three that are fully leased.

The deal includes another 11.6 acres upon which another 200,000 sf of build-to-suit industrial space can be developed in the Mack Enterprise Center, says Payson MacWilliam of Colliers International, who brokered the deal along with his brother, Don. The existing buildings, considered to be phase I, are located at 405 N. 75th Ave. Broomfield, CO-based Corporate Express is the largest tenant with 60,000 sf.

The three buildings under construction are about 20% preleased and will be finished in April 2005, MacWilliam says. Rents in the buildings range from $4.32 per sf to $5.52 per sf triple net. All six buildings are appropriate for manufacturing and distribution operations and can accommodate tenants ranging from 5,000 sf to 150,000 sf.

MacWilliam tells that Mack Co. originally intended to be a long-term holder of the buildings. However, he approached the developer and suggested they consider selling given the dynamics of the market. “There’s a lot of demand for the type of product,” he says.

MacWilliam pursued three potential buyers before Mack Co. accepted First Industrial’s offer. “They got a price that [made them think] it would be a good time to sell,” he explains.

First Industrial, which owns several other industrial buildings in the Valley, likes the buildings location near Loop 101 and Interstate 10. Moreover, the REIT is looking forward to the opportunities they present, MacWilliam says. “The buildings have the flexibility to see every industrial deal in the market including build-to-suits,” he adds.

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