(Read more on the industrial market.)

HOUSTON-First Industrial Realty Trust has sold 455,707 sf of industrial space in the near northwest submarket in two unrelated transactions. Although financial details weren’t available by press time, local sources say the vintage assets most likely fetched $15 per sf to $20 per sf.

A local buyer, Beeson-Sirota JV, has bought a 1980s-era, 176,307-sf, rail-served building at 1415 W. Loop North. Mir Azizi, also from Houston, picked up the other asset, a 279,400-sf warehouse built in 1975 at 3480-84 W. 11th St. Both warehouses are 100% leased. The JV’s building is leased to Dimare Fresh Inc. while Azizi’s multi-tenant warehouse has the Premier Co., Drake Container, Lindsey’s Office Furniture and Morrison Supply Co., according to a marketing brochure.

According to John Nicholson, vice president with Grubb & Ellis Co.’s Houston office, both properties went to the market un-priced, but both attracted their fair share of attention because of their infill locations and redevelopment potential. He tells GlobeSt.com that the owner of the West 11th Street building will ride out the current short-term leases that are in place, then re-evaluate a potential new use in a couple years. “He’s thinking perhaps it will be a future town home development, but isn’t deciding right now,” says Nicholson, who partnered with his father, Grubb & Ellis senior vice president Doug Nicholson, to represent the Chicago-based seller.

The sale is from a portfolio amassed through First Industrial’s partnership with Washington, DC-based Carlyle Group LP, which was launched in 1999. First Industrial recently bought out Carlyle’s interest in the 41-property, 1.3-million-sf portfolio and is piecemeal selling assets nationwide as opportunities arise.

“Once we have a building that’s 100% leased to a good tenant, there isn’t much more we can do to add value,” says Sean O’Neill, First Industrial’s vice president of investor relations. “There are a lot of parties interested in buying quality industrial buildings where you have tenants with long-term leases.”

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