$350M Takes 36-Building Portfolio

EAST RUTHERFORD, NJ-A partnership formed by the Brooklyn, NY-based JFR Global Investments and investor Rubin Schron of Cammeby’s International has acquired a portfolio of 36 office and industrial properties in 14 states. The two privately owned investment and development firms are paying a reported $350 million for the assets.

The seller was a fund operated by First Industrial Realty Trust, based in Chicago, and Kuwait Finance House, Kuwait City. The two companies launched the fund three years ago to buy stabilized properties developed by First Industrial. According to Jim Carpenter, the latter’s executive director of investments, the expectation was that with low interest rates driving record pricing for industrial assets around the country, selling in the current market would generate very favorable returns.

And while the 6.2-million-sf portfolio does include both office and industrial properties, it’s heavily weighted toward the industrial side. The final sale price computes to just under $56.50 per-sf portfolio-wide.