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Bids In for 600,000-SF Industrial Portfolio

PORTLAND-Bids were due Wednesday for First Industrial's 594,000-sf Portland industrial portfolio. The space, mostly warehouse distribution, is concentrated in the Northeast Columbia Corridor.

By Brian K. Miller | Updated on February 26, 2003

PORTLAND-Bids are in for First Industrial’s 600,000-sf Portland portfolio, which includes 22 buildings in 10 properties.

The portfolio is what remains of 900,000-sf First Industrial acquired from the local Sivers Family in September 1998 for $44.5 million in cash and stock. The 594,000-sf that remains is mostly warehouse distribution concentrated in the Northeast Columbia Corridor. There is no asking price.

The offers were due yesterday, according to Secured Capital, which is overseeing the disposition for Chicago-based First Industrial. Part of that oversight included hiring local Grubb & Ellis office to create the offering memorandum and tour interested buyers.

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