Lease at 600 First Avenue Facility Accommodates Current and Future Needs of Emerging Internet Retailer
CHICAGO, Dec. 3 /PRNewswire-FirstCall/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading provider of industrial real estate supply chain solutions, today announced a lease agreement with Quidsi, Inc., the parent company of Diapers.com, the largest online specialist offering baby care necessities in the United States. Launched in 2005, Diapers.com was recently named the fastest growing retailer in the United States over the last three years by Inc. magazine.
Diapers.com will consolidate its distribution activities from several facilities in central Pennsylvania to First Industrial's facility located at 600 First Avenue in Gouldsboro, PA, a state-of-the-art distribution center totaling 1.3 million square feet. Diapers.com will initially occupy 411,000 square feet beginning in December 2009, with a planned staged expansion to a total of 811,000 square feet, and holds options for the balance of the building to accommodate the internet retailer's future expansion plans.
"Our facility met Diapers.com's requirements for a sizeable, high quality distribution center, with flexibility for expansion aligned with its strategic plans, that is well-located to serve its growing customer base in the Eastern United States," said Peter O. Schultz Jr., executive vice president of First Industrial's East region. "Locating its distribution operations in northeast Pennsylvania provides Diapers.com with access to a talented workforce and an efficient transportation network."
"First Industrial offered us a supply chain solution customized to our needs as we expand our business to serve our growing customer base who appreciate the fast, convenient delivery, and cost-effective way of shopping our broad assortment of baby products," said Scott Hilton, executive vice president of operations of Diapers.com.
The First Industrial team for the lease was led by Jeff Thomas, senior regional director/market leader for the Company's Pennsylvania market. First Industrial would like to thank Bart Anderson of CB Richard Ellis, who represented Diapers.com, and Steve Cooper, Gerry Blinebury and Jeff Williams of Cushman & Wakefield, who represented First Industrial. First Industrial currently owns and manages approximately 5.6 million square feet in Pennsylvania.
About First Industrial Realty Trust, Inc.
First Industrial Realty Trust, Inc. (NYSE: FR) provides industrial real estate solutions for every stage of a customer's supply chain, no matter how large or complex. Across major markets in North America, our local market experts manage, lease, buy, (re)develop, and sell industrial properties, including all of the major facility types - bulk and regional distribution centers, light industrial, manufacturing, and R&D/flex. We have a track record of industry leading customer service, and in total, we own, manage and have under development 94 million square feet of industrial space. For more information, please visit us at www.firstindustrial.com. We post or otherwise make available on this website from time to time information that may be of interest to investors.
About Diapers.com
Quidsi, Inc. is a privately held company based in Montclair, NJ and the parent of Diapers.com, a leading online retailer offering a wide selection of more than 10,000 baby products and growing, delivered nationwide in 1-2 days. The company was launched in 2005 by childhood best friends and entrepreneurs, Marc Lore and Vinit Bharara. For additional information, please visit diapers.com.
Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "should" or similar expressions. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a materially adverse affect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically; changes in legislation/regulation (including changes to laws governing the taxation of real estate investment trusts) and actions of regulatory authorities (including the Internal Revenue Service); our ability to qualify and maintain our status as a real estate investment trust; the availability and attractiveness of financing (including both public and private capital) to us and to our potential counterparties; the availability and attractiveness of terms of additional debt repurchases; interest rates; our credit agency ratings; our ability to comply with applicable financial covenants; competition; changes in supply and demand for industrial properties (including land, the supply and demand for which is inherently more volatile than other types of industrial property) in the Company's current and proposed market areas; difficulties in consummating acquisitions and dispositions; risks related to our investments in properties through joint ventures; environmental liabilities; slippages in development or lease-up schedules; tenant creditworthiness; higher-than-expected costs; changes in asset valuations and related impairment charges; changes in general accounting principles, policies and guidelines applicable to real estate investment trusts; international business risks and those additional factors described under the heading "Risk Factors" and elsewhere in the Company's annual report on Form 10-K for the year ended December 31, 2008 and in the Company's subsequent quarterly reports on Form 10-Q. We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this press release or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements. For further information on these and other factors that could impact the Company and the statements contained herein, reference should be made to the Company's filings with the Securities and Exchange Commission.
SOURCE First Industrial Realty Trust, Inc.
Art Harmon, Director, Investor Relations and Corporate Communications of First Industrial Realty Trust, Inc., +1-312-344-4320