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PERRYSBURG, OH-First Industrial Realty Trust Inc. has sold a 10-building portfolio to a Teaneck, NJ-based private investment group. The buildings, built between 1951 and 2000 and 100% leased on a long-term basis, total 737,041 sf.
Roy L. Splansky and Mark B. Goode with Chicago-based real estate advisory company Venture One Real Estate, LLC negotiated the disposition on behalf of First Industrial. In March, the Venture One team also represented First Industrial in the sale of three buildings in Fond du Lac, WI, which totaled 819,618 sf.
The Perrysburg portfolio is located within a business park at 7401 Fremont Pike and fronts the south side of US Route 23/20, four miles southeast of the four-way US Route 23/20 interchange at Interstate 75 within the Toledo metropolitan area. Harlan Reichle, managing director, investment properties with the Toledo office of CB Richard Ellis represented the buyer.
The Perrysburg portfolio includes the following single-tenant facilities: a 162,000-sf building, built in 1993; an 82,167-sf facility, built in 1990; two 78,254-sf buildings, both built in 1990; an 82,167-sf warehouse, built in 1990; a 76,880-sf facility, built in 1984; a 75,425-sf building, built in 1998; a 66,842-sf building, built in 1975; a 64,353-sf facility, built in 1982; a 44,047-sf building, built in 1998; and an 8,819-sf distribution building, built in 1951.
Michael Schack, investment officer for First Industrial, says he is pleased with the outcome of the portfolio sales. According to Schack, sale proceeds were maximized by allowing investors to bid on each location separately.
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