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First Industrial Sells Last Three Assets in 1.1M-SF Industrial Portfolio

DES MOINES, IA-The nine-building portfolio was broken up and sold in four separate transactions over the last two years. The final three buildings went for $11.8 million, bringing the total sale price of the assemblage to just under $24 million.

By Glen Thompson | Updated on January 23, 2003

DES MOINES, IA-Chicago-based First Industrial Realty Trust Inc has closed on the sale of the final three buildings of a nine-building industrial portfolio here. Hoyt Properties of Minneapolis spent $11.8 million for the assets, bringing the total sale price of the assemblage to just under $24 million.

Riverwoods, IL-based Venture One Real Estate LLC negotiated the sale for First Industrial. The firm was hired in 2000 to dispose of the portfolio, with principals Roy L. Splansky and Mark B. Goode handling the transaction. Darin Ferguson, principal with Des Moines-based Ferguson Commercial Real Estate Services, also assisted in the deal.

“The obvious marketing strategy was to sell all nine buildings to a single buyer;” says Splansky. “However, with patience and perseverance, we were able to tailor individual assets to the investment criteria of individual buyers, maximize the value of the portfolio to $23,950,000 and achieve a price nearly $2,500,000 more than the highest bid for the portfolio as a whole.”

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