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CHANDLER, AZ-Chicago-based First Industrial Trust has acquired a 79,406-sf warehouse for $5 million in an off-market transaction.

The building, located at 50 S. 56th St., boasts a long-term lease with Southwest Aluminum, a business owned by Oldcastle Glass, a US subsidiary of Dublin City, Ireland-based CRH plc. Oldcastle Glass is the largest glass manufacturing company in the world. Southwest Aluminum manufactures aluminum window frames at the site.

The building was sold by 56th & Chandler Building Inc. of Chandler. “The seller was the original owner of Southwest Aluminum,” explains Jerry McCormick, a first vice president with CB Richard Ellis Inc.’s Phoenix office. “They sold the business to Oldcastle last year, but kept the building.” He and CBRE’s John Werstler represented the seller.

McCormick tells GlobeSt.com that the 13-year-old building received an unsolicited offer from First Industrial. “It’s a unique property with great access to Interstate 10 and 202,” he says. “Plus, the credit and the quality of the tenant is outstanding.” First Industrial Trust, paying cash for the property, did not have broker representation.

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