Industrial buildings sell for $1 billion

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Indianapolis-based Duke Realty Corp. sold its 14.3 million-square-foot industrial portfolio spread across eight U.S. markets. The total value of the portfolio was $1 billion. FirstCal Industrial 2, a joint venture between Chicago-based First Industrial Realty Trust and the California State Teachers Retirement System, purchased the properties. The transaction covers 214 buildings in eight markets including: Atlanta, with 83 buildings totaling 4.1 million square feet; Nashville, with 31 buildings and 2.6 million square feet; Minneapolis, with 31 buildings totaling 2.2 million square feet; Cleveland, with 18 buildings totaling 1.8 million square feet; Cincinnati, with 19 buildings totaling 1.2 million square feet; Columbus, Ohio, with 9 buildings totaling more than 1 million square feet; Raleigh, N.C., with 14 buildings totaling 779,368 square feet; and Orlando, Fla., with 9 buildings totaling 622,749 square feet. Overall, the portfolio was approximately 85 percent occupied with 860 ...