Mark Mimms, senior associate for Sperry Van Ness in Fresno, CA represented the buyer, while Duke Suwyn and John Kuiper of Grubb & Ellis Paramount represented First Industrial. A $38-million loan on the property was arranged by Mary Carlston of GMAC.
"SVN Equities is aggressively looking to expand its presence outside the Western United States," says Rand Sperry, CEO of SVN. "This portfolio provided a great opportunity in a thriving market."
Sperry adds that SVN is now the third-largest investment owner of industrial property in Grand Rapids. The acquisition marks the firm's first expansion outside the Western US.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
