CHICAGO, Aug. 10, 2015 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully-integrated owner, operator and developer of industrial real estate, today announced that it will launch development of First Park 94, a master-planned business park, in the Kenosha County submarket of Chicago. First Park 94 will be built on 309 acres recently acquired by First Industrial in Somers, WI for $13.4 million.
First Industrial's Phase I plans call for the commencement of infrastructure work and construction of a 600,000 square-foot cross-dock distribution center featuring 36' clear heights, 185' truck courts, generous trailer parking, extensive dock-high loading, and an ESFR sprinkler system.
In total, First Park 94 can accommodate approximately 4.6 million square feet of development including build-to-suits ranging from 150,000 square feet to 1.5 million square feet. The site is accessible to I-94 from three 4-way interchanges and offers frontage along the Canadian Pacific Railway with potential rail access. First Park 94 is located less than one hour from both O'Hare International Airport and Mitchell International Airport.
"We are excited to embark on First Park 94 through which we can provide a key distribution home for companies targeting customers in Chicago, Wisconsin and other nearby markets," said David Harker, executive vice president for First Industrial. "First Park 94 is well-suited for e-commerce and other companies requiring an efficient distribution location and access to a skilled and diverse labor force to meet demand from a large population base."
"We thank the Village of Somers for their support of this project and look forward to our long-term relationship as First Park 94 attracts new businesses that contribute to the local economy," said Adam Moore, regional director for First Industrial in Chicago and Milwaukee.
First Industrial's team for the development is comprised of Adam Moore, regional director, Chad Parrish, director of development, Jim Schlundt, operations director, and Brad Kluever, investment associate. First Industrial would like to thank Whit Heitman, Sam Badger and Brad Weiner of NAI Hiffman for their assistance with this transaction.
About First Industrial Realty Trust, Inc.
First Industrial Realty Trust, Inc. (NYSE: FR) is a leading fully-integrated owner, operator, and developer of industrial real estate with a track record of providing industry-leading customer service to multinational corporations and regional customers. Across major markets in the United States, our local market experts manage, lease, buy, (re)develop, and sell bulk and regional distribution centers, light industrial, and other industrial facility types. In total, we own and have under development approximately 64.8 million square feet of industrial space as of June 30, 2015. For more information, please visit us at www.firstindustrial.com.
This press release contains 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 for such statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe future plans, strategies and expectations of the Company, and are generally identifiable by use of the words "believe," "expect," "intend," "plan," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "should" or similar words. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. Factors which could have a materially adverse effect 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; 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) in the Company's current and potential market areas; difficulties in identifying and consummating acquisitions and dispositions; our ability to manage the integration of properties we acquire; environmental liabilities; delays 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; and those additional factors described under the "Risk Factors" and elsewhere in the Company's annual report on Form 10-K for the year ended December 31, 2014 and in the Company's subsequent Exchange Act reports. 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.
Logo - http://photos.prnewswire.com/prnh/20040106/FRLOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/first-industrial-realty-trust-to-develop-first-park-94-on-309-acres-in-the-chicago-market-300126340.html
SOURCE First Industrial Realty Trust, Inc.
Art Harmon, Vice President, Investor Relations and Marketing, 312-344-4320