First Industrial Realty Trust buys San Diego DC facility for $77 million
Chicago-based industrial realty giant First Industrial Realty Trust, keeping good on its promise last month to pick up its California investment schedule, has purchased a 425,000 square feet warehouse and industrial facility in Kearny Mesa just outside of San Diego.
FIRT purchased the facility, which sits on a 19-acre parcel, from the New York City investment fund handlers DRA Advisors LLC for $77 million.
The 27-year-old facility, which was fully leased at the time of the sale, is located in close conjunction to area's main Interstate 805 and Interstate 15 highways and within close proximity to both San Diego Airport and the Port of San Diego.
Last month, FIRT officials announced a long-term plan to acquire up to 1,100 acres of California and Florida property to develop.