February 27, 2013

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Article

47.5 Million Dollar Industrial Investment Transaction

Press Release

February 27, 2013

NAI WEST has facilitated the $47,500,000 sale of Westport Distribution I & II, consisting of two bulk distribution buildings totaling over 750,000 square feet.

NAI WEST executive vice president Bryce Blanchard represented the buyer, Industrial Income Trust (IIT), which added this bulk distribution space to itsinvestment portfolio. NAI WEST president and CEO Mike Falk and co-founder Steve Condie represented Buzz Oates Real Estate, the seller.

Industrial Income Trust is a non-traded real estate investment trust (REIT) that acquires and operates high-quality distribution warehouses and other industrial properties that are leased to corporate customers.

“It was a pleasure to work with two fine entities, Buzz Oates and Industrial Income Trust,” Blanchard said. “The properties featured Sephora and Sun Products leases and are among the very best assets in the Salt Lake City big box distribution market. This off-market transaction came together with an amazing focus by all parties, going from an idea at Thanksgiving to a closed deal by end of year.”

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