10/15/2007

Colliers Cincinnati negotiates sale of Ohio industrial portfolios

by

Union Commerce Center

Chicago-based First Industrial Realty Trust Inc. has expanded its Ohio industrial portfolio with the acquisition of 10 industrial properties in two separate portfolio purchases worth $23 million.

The properties, located in the Cincinnati suburb of West Chester, Ohio, were sold by New York City-based Equitable Cos. Inc.

Mike Sullivan of Colliers Turley Martin Tucker brokered the deal.

The first purchase was the five-building Union Commerce Center that contains 358,000 square feet of light industrial facilities along I-75. It was developed by Rob Widermuth between 1999 and 2004 and has tenants such as Nova Systems and John Deere.

First Industrial purchased the Union Commerce Center with the goal of bringing the partly leased buildings up to full occupancy, according to Art Harmon, senior manager of investor relations.

The second purchase was the four-building Commerce Park Plaza, which contains 82,000 square feet and is anchored by FUNacho Inc. and Package Supply & Equipment Co. Both properties were purchased for just under $20 million.

First Industrial also acquired an additional building on Inter Ocean Drive for $3.1 million. The property is located in the Princeton Industrial Park and contains 29,000 square-feet and is anchored by GE Capital Corp.

West Chester, located roughly 15 miles north of Cincinnati, has a population of 42,764, according to 2000 census numbers.

Sullivan, a member of the O'Connell, Bender and Powers investment team, focuses his private market property skills in the Cincinnati area. He joined Colliers in 2002 and has since helped broker the $14 million sale of Park 50 in Cincinnati and the $3.7 million sale of an 88,892 square foot office building in the Cincinnati Business District.

He is on the Habitat for Humanity Housing Site Selection Committee and is a graduate of Notre Dame University.

Address: Union Commerce Center on Windisch Road and Commerce Park Plaza on Duff Drive, Cincinnati, Ohio

Size: 389,000 square feet

---

Filed Under: Industrial

E-mail this article to a friend | Printer friendly format| DIGG this| Post to del.icio.us

Comments on this article

No comments have been posted in the last 15 days!

Send us your comments on this article

* - Required fields Subject: * Message: * Contact Name: * Contact URL: Contact Email: * Write the characters in the image above:

Related Headlines

• Colliers International welcomes three brokers in California - 5/29/2009
• Texas hotel sells for $4.275M - 5/29/2009
• Massey Knakal lists NoHo retail building for $5.95M - 5/29/2009
• California industrial building sells for nearly $3 million - 5/29/2009
• NAI facilitates sale of Alaska mixed-use building - 5/28/2009
• Long Beach retail center commands $6.05M - 5/28/2009
• Florida land fetches $2.725M - 5/28/2009
• Marcus & Millichap list Virginia retail store for more than $10.2M - 5/28/2009
• Colliers Arnold stays busy in Tampa - 5/27/2009
• Colliers sells two buildings in California - 5/27/2009