Volkswagen sells nearly 1 million square feet

Leases back distribution centers in U.S., Canada

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First Industrial Realty Trust Inc., an owner and developer of industrial property, recently purchased a 977,686-square-foot warehouse portfolio from Volkswagen and then leased back the space to the automaker for 15 years. The value of the transaction was not disclosed. The portfolio includes 634,437 square feet located in the Dallas/Fort Worth and Chicago/Milwaukee markets, and a 343,249-square-foot distribution center in Toronto, Canada. Both Volkswagen of America and Volkswagen of Canada were involved in the transaction. ...