(Read more on the industrial market.)

WEST CHESTER, OH-First Industrial Realty Trust Inc. has purchased 10 industrial buildings here in two separate portfolio purchases. The REIT bought the five-building Union Commerce Center for just less than $20 million, a 278,000-sf portfolio comprised of light industrial facilities along I-75. The trust also has acquired the four-building Commerce Park Plaza on Duff Drive and another building on Interocean Drive, reportedly for $3.1 million from Equitable Cos. Inc., based in New York City.

At Union Commerce Center, the buildings range in size from 40,000 sf to 72,000 sf, and serve multiple tenants. A First Industrial spokesman did not return calls by press time about the former owner and tenant listing. The property lease rate is unclear, but the average lease rate for the area is $3.14 per sf, according to a Grubb & Ellis second quarter report. Mike Sullivan with Colliers Turley Martin Tucker confirmed the sale.

First Industrial has also reportedly purchased the Union Township properties, which total about 111,000 sf. Commerce Park Plaza is about 82,000 sf, and includes anchors FUNacho Inc. and Package Supply & Equipment Co. Inc. The Interocean property, in Princeton Industrial Park, is 29,000 sf and anchored by GE Capital Corp. Both are reportedly 90% leased. Brokers at CTMT also represented Equitable in the deal.

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?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

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 © 2024 ALM Global, LLC. All Rights Reserved.