First Industrial Takes 4 LA-Area Properties
- Jun 13, 2008
First Industrial Realty Trust Inc. has acquired four buildings in the Los Angeles area totaling approximately 440,000 total square feet.The properties were purchased in three separate deals. The firm purchased a 184,000-square-foot, two-building portfolio in Thousand Oaks in one deal, and a 177,000-square-foot distribution center in South Bay via its joint venture with the California Teachers’ Retirement System in a second deal. The third buy involves an 83,000-square-foot distribution facility in Torrance. The Thousand Oaks properties are currently 100 percent leased. The Torrance facility will be repositioned for leasing after the sale is finalized. Brokers from CB Richard Ellis Inc., Coldwell Banker Commercial and Klabin Co. were responsible for finalizing the details of the transactions. First Industrial also cited the assets’ location in the important Los Angeles market as their motivation for closing the deals on the buildings. “Southern California is a critical location for our customers to establish a distribution presence due to the importance of the Ports of Los Angeles and Long Beach,” First Industrial’s Los Angeles senior regional director Ryan McClean noted in a release. The firm also noted that its increased presence in the port submarket will help attract potential clients for leasing. First Industrial is a Chicago-based international real estate firm that deals primarily in industrial facilities. The firm buys, sells, and develops industrial complexes, including distribution and storage facilities for its clientele. Currently, First Industrial owns, manages or has under development 100 million square feet of property. The firm recently was in the news when it sold a four building portfolio in Illinois to Dallas-based Cobalt Capital Partners.