Britten C. Shuford of Leonard & Ohren, who represented the seller and many of the investment buyers, says the average purchase price of $129 per sf is among the highest paid for comparable property in the local market. The buildings range in size from 7,300 sf to 8,000 sf and were mostly leased to local credit companies at the time of sale.
First Industrial acquired the portfolio in 2001 from the original developer, Alan Blackmore, for approximately $5.7 million.
Four private investors, all of whom were involved in separate 1031 Exchange transactions, separately purchased the leased assets while owner-users acquired two of the buildings. The average cap rate for the transactions was 7.3%.
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