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SVN-South Charles JV Closes $49M Industrial Deal

GRAND RAPIDS, MI-In its first venture outside the Western US, SVN becomes Grand Rapids' third-largest industrial property owner with the acquisition of a 15-property portfolio from First Industrial Realty Trust.

By Glen Thompson | Updated on December 31, 2002

GRAND RAPIDS, MI-Fifteen industrial properties here here have been purchased by Irvine, CA’s SVN Equities in joint venture with Bank of America subsidiary South Charles Investment Group. First Industrial Realty Trust sold the nearly 1.9-million sf portfolio in a $49-million deal.

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.

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