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Chicago & Midwest  + Midwest  + Industrial  | 

First Industrial Realty Trust Divests Cleveland Portfolio

First Industrial Realty Trust, headquartered in Chicago, has sold off its last Cleveland-area assets in a roughly $100-million transaction, Crain’s Chicago Business reported. The new owner of the six-building, 1.2-million-square-foot portfolio in Glenwillow and Twinsburg, OH is EQT Exeter. 

First Industrial is divesting properties in the Midwest to focus on the coasts, in markets with higher rent-growth potential, Scott McGregor, a senior investment officer with the REIT, told Crain’s. 

“You can grow your income more handily in the coastal markets,” he said. “That prompted us to decide to leave the Cleveland market.” 

The company had owned most of the buildings since 2006, when First Industrial bought a larger Northeast Ohio portfolio from Duke Realty Corp. At the time, Duke was departing the Cleveland-area industrial market and was preparing to divest its suburban office buildings and land. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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