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Article: Firm's $81M buys 46 sites for industry. (First Industrial Realty Trust Inc.'s purchase of industrial site in Detroit, Michigan)
- Article from:
- Crain's Detroit Business
- Article date:
- April 13, 1998
- Author:
CopyrightCOPYRIGHT 1998 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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First Industrial deals swallow 1.2M sq. feet
Chicago's First Industrial Realty Trust Inc. gobbled up an additional 1.2 million square feet of metro Detroit's industrial real estate earlier this month, spending $81.2 million on two deals covering 46 properties.
The acquisitions increase First Industrial's Michigan holdings by 10 percent to 10.2 million square feet, including 7 million square feet around Detroit.
The larger of the two purchases this month was the 39-building Shamie/Pomeroy Development Cos. portfolio. The buildings are in Plymouth, Livonia, Ann Arbor, Troy, Rochester Hills and Warren. Rents i range from $5 to $6 a square foot.
The ...