3.9M-SF Industrial Portfolio Moves for $145M

ST. LOUIS-An investment transaction has closed involving 3.85 million-sf industrial portfolio consisting of 14 distribution centers located throughout the Eastern United States. The value of the transaction was $145 million, making it one of the largest industrial investment transactions in the country in 2003.

The names of the parties involved are not being released by the parties involved, but one of the brokers in the transaction tells GlobeSt.com that one of the partners in the ownership group, a Southeast-based insurance company, bought out the other, a Texas-based private investment group that was pushing the sale.

“We had it out in market looking for buyer and, as a result of what’s going on in the market, one partner opted to take out the other,” says John E. Huguenard of Colliers Turley Martin Tucker’s Investment Services Group. “It’s so competitive in trying to find portfolio deals these days that a lot of buyers are not getting the necessary return in other vehicles, so the buyer said ‘I’d rather increase my percentage.’”