Real Estate
Home›Real Estate›Industry›Trump administration seeks buyers for seven industrial…
Trump administration seeks buyers for seven industrial sites
The government is taking bids starting at $600 million for the 5.3 million-square-foot portfolio, about 15% below the average industrial asking price cited for September.
Commercial Observer reports that the Trump administration is working with real estate services firm Cushman & Wakefield to offload seven industrial sites it had planned to convert into immigrant detention centers.
According to the report, the U.S. General Services Administration and Cushman & Wakefield will seek buyers for vacant warehouses as the government looks to recoup some of the $706.8 million it paid earlier this year for the seven properties.
The sites total 5.3 million square feet and are located in Pennsylvania, Georgia, Utah, Texas, and Michigan. Green Street News, as cited by Commercial Observer, says the government is taking bids starting at $114 per square foot, which it frames as roughly a 15% discount to September’s national average industrial asking price of $138 per square foot.