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HUNT VALLEY, MD-Chicago-headquartered First Industrial Realty Trust Inc. acquired a portfolio of 16 industrial buildings for $57 million. The light industrial and flex properties account for a total of 952,000 sf here and in Woodlawn. The seller ws Chicago’s General Growth Properties.

First Industrial chief investment officer Johannson L. Yap alluded to the real estate investment community’s interest in the properties, saying, “First Industrial’s expertise in acquiring industrial portfolios with multiple property types enabled us to win this portfolio.” First Industrial’s new holdings in Hunt Valley are located in the 485-acre Hunt Valley Business Community, which sits off I-83 about 20 miles outside of Baltimore.

The group of 10 structures accounts for 582,000 sf. The remainder of the portfolio, six buildings totaling 370,000 sf, is in Woodlawn’s 289-acre Rutherford Business Center off I-695 and I-70, about eight miles outside of the city. “These properties offer functionality and accessibility for companies serving this dynamic, competitive marketplace,” says First Industrial regional director Mark McConnell.

First Industrial’s purchase of General Growth’s properties came at the same time of Columbia, MD’s Corporate Office Properties Trust’s acquisition of 21 office properties in the Hunt Valley and Rutherford business parks for $124.5 million from General Growth. The second largest regional mall REIT in the US, General Growth came into possession of the properties a part of a larger 7.9-million-sf commercial portfolio when it acquired real estate company Rouse 2004.

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