600,000-SF First Industrial Portfolio Tied Up

PORTLAND-An institutional buyer has tied up First Industrial’s 600,000-sf Portland portfolio, a source close to the transaction tells GlobeSt.com. The sale price will be “in excess of $30 million” and will close in the next 30 days or so, according to the source.

The 22-building portfolio is what remains of the 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 was no asking price.

Secured Capital, which is overseeing the disposition for Chicago-based First Industrial, hired the local Grubb & Ellis office to create the offering memorandum and tour interested buyers. Eight of the 10 properties are located in the Northeast Columbia Corridor. The portfolio has an average occupancy of 96% and breaks down to 70% warehouse-distribution space, 20% flex and 10% light industrial.