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GlobeSt.com EXCLUSIVE: PREI Sells 2M-SF Industrial Portfolio for $100M-Plus

DES MOINES-Principal Real Estate Investors sells the 18-building package to First Industrial Realty Trust. The portfolio is 79% leased to 50 tenants.

By Brian K. Miller | Updated on August 25, 2005

DES MOINES-Locally based Principal Real Estate Investors has sold a portfolio of 18 industrial buildings to First Industrial Realty Trust. The buildings total 2.43 million sf and are located in Dallas, Chicago, Minneapolis-St. Paul, Kansas City and San Antonio. The portfolio is 79% leased to 50 tenants including Target, Chevron, Aaron Rents, Cardinal Health, Lincoln Electric, Sanyo and Palm Beach Tan.

Industry sources tell GlobeSt.com the portfolio sold for “a little over $100 million.” The disposition team, Randy Baird and Jack Fraker of CB Richard Ellis in Dallas, declined to confirm or deny the price. Neither First Industrial Realty Trust nor PREI’s in-house representation for the deal, Ryan Smidt and Emily Kell, returned a phone call seeking comment.

Baird suspects PREI is selling the assets in an effort to refine its portfolio and maximize its asset management. “They may just be trying to achieve the right allocations within the portfolio with regard to markets and property types,” he says.

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