600,000-SF Portland Industrial Portfolio Sells for $35M

PORTLAND- TA Associates Realty, a Boston-based pension fund advisor, has acquired the vast majority of First Industrial Realty Trust’s 594,000-sf Portland portfolio for about $35 million.

The 10-property, 22-building portfolio, mostly warehouse distribution concentrated in the Northeast Columbia Corridor, 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.

There was no asking price for the portfolio. Original bids for the portfolio were due in February. Portland-based Harsch Investment reportedly had the inside track to acquire the portfolio but after 10 weeks of due diligence and negotiations decided not to purchase the portfolio. The sale to TA Realty Associates Fund VI closed in September.