REIT Sells Industrial Portfolio
Industrial REIT AMB Property Corporation has sold a 100-building portfolio for $618 million. The AMB Institutional Alliance Fund I portfolio encompasses 5.8 million sq. ft. of industrial space, and the sale price translates into roughly $106 per sq. ft. The buyer was not disclosed by AMB.
“The opportunistic early sale of the Alliance Fund I properties allowed us to take advantage of favorable market conditions, producing an internal rate of return for our private capital investors in excess of 20% as compared to an original target return in the low teens,” says Hamid Moghadan, AMB’s chairman and chief executive officer.