Long Island is just one of eight markets that First Industrial had previously identified as an exit market. The exit strategy is part of the trust's strategic realignment of its national properties. First Industrial, which is the nation's largest industrial REIT with 77 million-sf under its umbrella, has successfully exited Cleveland and Hartford. Markets still to be exited include New Orleans, Des Moines and Dayton, OH.
First Industrial cautioned that there exists a possibility that the transaction might not be finalized, but said that they expect to close the deal by the end of the year. The trust would not disclose the identity of the buyer nor the price paid for the assets.
First Industrial's chief investment officer Johansen Yap was not immediately available for comment.
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