First Industrial Portfolio Long Island, NY
Sale of 35 property, 3.5 million square foot industrial portfolio
Savills represented First Industrial REIT in the sale of its 35 property, 3.5 million square foot industrial portfolio located throughout Long Island. The portfolio included office, warehouse, R&D and pure industrial properties, and was complicated by environmental and deferred maintenance issues.
First Industrial deemed the market to be "non-core" and Savills offered the properties both as a portfolio and as one-off purchases.
Ultimately, Savills maximized value through a single portfolio transaction for $180 million.