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First Industrial Sells Assets Leased by Top Tenant

CHICAGO-California-based tenancy-in-common group Evergreen Realty pays $25.4 million for three buildings totaling 731,169 sf, leased by Jacobson Transportation. The tenant was the REIT's largest in terms of rent and square footage.

By Mark Ruda | Updated on February 03, 2006

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

CHICAGO-Locally based First Industrial Realty Trust lost its largest tenant with the sale of three buildings to a California-based tenancy-in-common group. Jacobson Transportation has its headquarters in the 731,169-sf warehouse complex in Des Moines, which Evergreen Realty acquired for $25.4 million.

Before the sale, Jacobson Transportation was First Industrial Realty Trust’s largest tenant, according to the REIT’s most recent financial report. The company was paying $4.5 million for nearly 1.6 million sf. Meanwhile, the US General Service Administration pays $2.3 million for its 312,251 sf and DMI, Inc. leases 720,953 sf for $1.8 million.

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