Chicago-based First Industrial Realty Trust used its Integrated Industrial Solutions corporate real estate program to handle the four-property transactions. The IIS operating platform leveraged the nationwide GM portfolio of diverse industrial facility types and First Industrial's local management presence in each market to deliver a complete program for GM.
"Our national presence enabled us to promptly asses the value of the assets…and quickly close the transaction," says Jim Carpenter, executive director of First Industrial, in a statement.
Neither the sale prices nor the rental rates of the properties were disclosed. Asking rental rates on distribution properties in Bucks County averages between $4.20 per sf and $5.50 per sf, according to GlobeSt.com research.
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