SVN Equities has acquired a 15-property, 1.9 million sq. ft. industrial portfolio in Grand Rapids, Mich., for $49 million, expanding its presence beyond the Western United States for the first time. The Irvine, Calif.-based company partnered with South Charles Investment Group to purchase the properties from Chicago-based First Industrial Realty Trust.
The deal marks the biggest acquisition yet for SVN Equities. "SVN Equities is aggressively looking to expand its presence outside the Western United States," said Rand Sperry, CEO of SVN Equities, in a statement. SVN Equities is a division of Sperry Van Ness, one of the country’s largest real estate investment firms. "This portfolio provided a great opportunity in a thriving market."
Mark Mimms, a senior associate for Sperry Van Ness in Fresno, Calif., represented SVN, and Duke Suwyn and John Kuiper of Grubb & Ellis Paramount represented First Industrial. Horsham, Pa.-based General Motors Acceptance Corp. provided a $38 million loan on the property.