Investors purchase 36 properties in 14 states.

In one of the largest national portfolio sales of 2004, JFR Global Investments has purchased 36 office and industrial properties in 14 states from a partnership involving First Industrial Realty Trust and the Kuwait Finance House, announced Andrew J. Merin, of Cushman & Wakefield's metropolitan area investment services group.

More than one dozen major institutions and private individuals bid for the 6.2 million s/f package.

First Industrial Realty Trust, Inc. is one of the nation's largest providers of diversified industrial real estate. The firm leases, develops, redevelops, buys, sells and manages industrial facilities in the nation's top industrial markets. In 2001, the firm partnered with KFH to launch a fund that purchases select, stabilized properties developed by First Industrial. With low interest rates driving record pricing for industrial assets nationwide, the partnership recognized that selling in the current market would generate highly favorable returns on these investments.

"It was a great competitive process and our client ultimately achieved the aggressive pricing we anticipated," said Merin, who coordinated the five-person team that represented First Industrial and KFH. "JFR Global Investments continued its aggressive expansion by adding three dozen quality assets to its portfolio. We are extremely pleased with the outcome of this assignment, which represents one of the largest we have handled in terms of both scope and geographic reach."

"Cushman & Wakefield won this assignment based not only on the long, successful history we share, but on their superior due diligence, exceptional offering materials and incredible speed to market," said Jim Carpenter, executive director of investments at First Industrial. "Our faith in them was rewarded with flawless execution."

In addition to Merin, ISG professionals Mike Davis, of Tampa; David Meline, of Atlanta; Patrick Sullivan, of Chicago; and Jim Vesey, of Philadelphia, were involved in the transaction. More than 40 Cushman & Wakefield professionals supported the efforts, providing local expertise for the individual properties in Michigan, Minnesota, Colorado, Tennessee, Arizona, Florida, Texas, West Virginia, Indiana, Pennsylvania, New Jersey, North Carolina, Georgia and Maryland.

"Each site was supervised, underwritten and toured by a local ISG representative, Cushman & Wakefield leasing broker and First Industrial asset manager," Merin explained. "In essence, we implemented a 'parenting' concept to achieve comprehensive coverage for this geographically diverse portfolio."