Real estate deal of the week

First Industrial Realty Trust Inc., a Chicago-based real estate investment trust (REIT), recently purchased four light industrial buildings, totaling 192,941 square feet of space, in New Berlin and Menomonee Falls from Rahway, N.J.-based Denholtz Associates for about $5.7 million. The properties acquired by First Industrial in New Berlin are: a 33,620-square-foot building at 2855 S. 160th St., a 33,980-square-foot building at 2905 S. 160th St. and a 72,541-square-foot building at 2485 Commerce Dr. The fourth property is a 52,800-square-foot building at 14518 Whittaker Way, Menomonee Falls. "(Denholtz) decided they were going to exit the Milwaukee market," said Peter Ginn, Milwaukee regional director for First Industrial. The buildings are only about 20 percent occupied, he said. First Industrial plans to improve the buildings and aggressively seek additional tenants, Ginn said.


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