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First Industrial, Rockwell Close $152M Sale-Leaseback

CHICAGO-The REIT pays $40 per sf for 24 properties in the US and Canada, which Milwaukee-based Rockwell Automation, Inc. will continue to occupy on leases ranging from five to 15 years.

By Mark Ruda | Updated on November 15, 2005

(To read more on the industrial market, click here.)

CHICAGO-First Industrial Realty Trust Inc. has added 3.8 million sf of fully leased space to its portfolio, paying $152 million to Milwaukee-based Rockwell Automation, Inc. for 24 properties in the US and Canada. Rockwell Automation is leasing the properties back from the REIT at terms ranging from five to 15 years.

CB Richard Ellis’ James Whalen tells GlobeSt.com the deal, which includes manufacturing as well as research and development assets, is unique in its makeup. “A sale-leaseback of this size and type of corporate portfolio, made up primarily of manufacturing facilities, is a first in our industry,” says Whalen, who represented Rockwell Automation with Christopher Reynolds and Andrew Sandquist, Todd Lippman, Tim Reynolds and Vic Toft. “The majority is manufacturing properties.”

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