The sale consisted of two late-1980s industrial buildings located at 8219 & 8227 Northwest Blvd. The seller was TA Associates, on behalf of a public pension fund.
Trammell Crow Co.'s Kenneth Szady, SVP of Investment services Group, represented the seller in the transaction. Szady declined to provide the sale price, but local brokers familiar with the transaction tell GlobeSt.com that the sale price was about $11.5 million, give or take $100,000.
Szady would say his team marketed the buildings for 30 days, receiving multiple offers. "With First Industrial expanding its portfolio in the market, we didn't see much of an issues in getting the deal closed," he says.
The property was 93% leased at the time of sale, with no near-term rollovers. "These buildings tend to outperform the rest of the market due to their strong location on the expressway," adds Szady. "This is where people like First industrial are increasingly adding to their portfolios."
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