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Agency Executions - First Industrial Realty Trust and Kuwait Finance House
Cushman & Wakefield was retained by First Industrial Realty Trust and Kuwait Finance House to sell a large, national portfolio of 36 highly stabilized class "A" industrial buildings totaling 6.2 million square feet in 14 of the nation's top industrial markets. The portfolio boasts an average occupancy of 98%, as well as 28' average clear heights, and 8% average office build-out.
- First Industrial Realty Trust and Kuwait Finance House
Despite these undeniable strengths, two issues posed major challenges in the sale of this
portfolio. The first challenge was the portfolio's geographic dispersion over 14
different markets that required multiple C&W office coverage and coordination. The
second challenge was the portfolio's composition, which included a mix of product types ranging
from bulk warehouses to shallow-bay distribution to high-finish flex properties.
C&W launched a national marketing campaign within 3 business days of being awarded the
assignment. As a result of this campaign, C&W registered 90 investors, conducted 26
property tours, and received 12 portfolio offers in addition to multiple sub-portfolio
Successful coordination between multiple C&W offices allowed for a timely and efficient product offering that achieved superior results for our client. Ultimately, First Industrial and Kuwait Finance House closed on a $350 million sale that exceeded their expectations.