Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MANCHESTER, PA-In partnership with Kuwait Finance House, Chicago-based First Industrial Realty Trust has acquired the 390,000-sf distribution property at 105 Steamboat Blvd. in Brickyard Industrial Park for nearly $21.5 million or $55 per sf. The seller is locally based Brickyard Partners LLC, which developed the three-building park. The other two buildings have since been sold to owner-occupants Harley Davidson and Toronto-based ConAgra Foods.

Representatives from CB Richard Ellis sat on both sides of the table in negotiating the transaction. Members of the teams were Michael Hess, senior associate, and Patrick Lafferty, VP in CBRE’s Harrisburg office, and Andy Sandquist and Robert Brennen in its Oak Brook, IL office.

The building is fully leased long-term to Warrenville, IL-based Navistar holding company’s International Truck and Engine subsidiary as its Northeast distribution center. “Under the lease agreement, the tenant has rights to expand the building by an additional 112,000 sf,” Hess tells GlobeSt.com.

KFH, which is incorporated in Kuwait, is a provider of banking services that invests in acquiring and developing properties for itself and for third parties. Hess says he is seeing increased investment activity here from abroad. This is First Industrial’s second acquisition in Eastern Pennsylvania within the past two months. In mid-April it purchased a 178,000-sf building on Red Lion Road in Philadelphia for almost $40 per sf. That property is also fully leased to a single tenant, Penn Jersey Paper Co.

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?

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


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.