(Read more on the industrial market.)
BOLINGBROOK, IL-Griffin Capital, based in Los Angeles, hasacquired two industrial buildings at 525 Crossroads Pkwy. and 750S. Schmidt Rd. Griffin Capital acquired the buildings for a totalof $32.3 million from Chicago-based First Industrial Realty Trust.The properties were acquired on behalf of 29 tenant-in-commoninvestors who were completing a 1031 tax deferred exchange. The caprate for the sale was 7.4%, says Don Pescara, managing director ofGriffin Capital.
The majority of the investors were represented by Sigma/1031Exchange Options, Pacific West, OMNI Brokerage and Direct Capital.First Industrial LP provided $24.2 million for 10 years for theacquisition.
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