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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.

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