First Makes Another Sale

March 9, 2008
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GRAND RAPIDS ¡ª First Companies of Grand Rapids recently sold another industrial building to CORE Realty Holdings Inc., a real estate investment firm in Newport Beach, Calif.

The building at 4595 Broadmoor Ave. SE has 92,887 square feet, and its sale marked the 17th industrial facility that CORE Realty has purchased from First Companies within the past few months. Late last year, CORE bought 16 buildings with nearly 480,000 square feet of space in a single transaction with First Companies.

Grubb & Ellis ©¦Paramount Commerce brokered the transaction.

The deal was at least the third that First Companies has had since last fall with investment firms based in California. Prior to the two transactions with CORE Realty, First Companies sold five industrial buildings to Virtu Investments of San Francisco. First Companies will continue to manage the facilities for both California companies.

CORE also bought the West Michigan Industrial portfolio of 11 buildings with 1.68 million square feet in September 2005.

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