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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current report pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
__________________
Commission File Number 333-21873
Date of Report (date of earliest event reported): JUNE 30, 1997
FIRST INDUSTRIAL, L.P.
(Exact name of Registrant as specified in its Charter)
DELAWARE 36-3924586
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
311 S. WACKER DRIVE, SUITE 4000, CHICAGO, ILLINOIS 60606
(Address of principal executive offices)
(312) 344-4300
(Registrant's telephone number, including area code)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On June 30, 1997, First Industrial, L.P. ( the "Operating Partnership"),
acquired 12 light industrial properties, two bulk warehouses and one office
building (the "Punia Phase I Properties") in New Jersey, totaling 697,778
square feet of gross leasable area (the "Punia Phase I Acquisition"). The
Punia Phase I Properties were acquired for approximately $39.2 million which
was funded with $36.0 million in cash and the issuance of 107,516 limited
partnership units in the Operating Partnership (the "Units") valued at $3.2
million. The $36 million in cash was funded with borrowings under the
Operating Partnership's $200 million unsecured revolving credit facility (the
"1996 Unsecured Acquisition Facility") with a group of banks for which the
First National Bank of Chicago and the Union Bank of Switzerland act as agents.
The $36.0 million borrowed under the Operating Partnership's 1996 Unsecured
Acquisition Facility currently bears interest at LIBOR plus 1%. The Punia
Phase I Properties were acquired from Ethel Road Associates, Gamma Three
Associates, Jayeff Associates, RCP Associates, 244 Sheffield Associates, South
Broad Company, Suburban Roseland Associates, and World's Fair 25 Associates,
World's Fair Associates, World's Fair Office Associates, and World's Fair V
Associates (together the "Punia Group"). Prior to the Punia Phase I
Acquisition, the Punia Group was not affiliated with the Operating Partnership,
any affiliate of the Operating Partnership or any director or officer of the
Operating Partnership. Following the Punia Phase I Acquisition, Jeff Punia and
Hayden Tiger were appointed Regional Directors. The Properties will continue
to be used for light industrial, bulk warehouse and office use under the
existing lease terms.
In connection with the Punia Phase I Acquisition, the Operating
Partnership completed negotiations with the Punia Group to acquire an
additional 33 properties totaling 1,055,344 square feet of gross leasable area
and additional parcels of land for approximately $65.9 million (the "Punia
Phase II Acquisition"). The Punia Phase II Acquisition will be funded with
cash and Units and is scheduled to close by September 30, 1997.
ITEM 5. OTHER EVENTS
The Operating Partnership acquired 16 industrial properties and one
parking lot, exclusive of the Punia Phase I Acquisition described above, during
the period February 1, 1997 through July 14, 1997, the closing date of the last
industrial property acquired. The combined purchase price for these industrial
properties and the parking lot totaled approximately $49.7 million, excluding
closing costs incurred in conjunction with the acquisition of the industrial
properties and the parking lot. The 16 industrial properties and one parking
lot acquired are described below and were funded with working capital and
borrowings under the Operating Partnership's 1996 Unsecured Acquisition
Facility. The Operating Partnership has continued the pre-acquisition uses of
the properties.
- - On February 20, 1997, the Operating Partnership purchased a 58,746 square
foot light industrial property located in Dayton, Ohio. The purchase
price for the property was approximately $1.5 million. The property was
purchased from Danis Properties Co., Inc.
- - On March 21, 1997, the Operating Partnership purchased a 179,400 square
foot bulk warehouse property located in Taylor, Michigan for approximately
$5.1 million. The property was purchased from National Wholesale Drug
Company.
- - On March 28, 1997, the Operating Partnership purchased a 84,956 square
foot light industrial property located in Buffalo Grove, Illinois. The
purchase price for the property was approximately $4.1 million. The
property was purchased from Wells Fargo Bank, N.A.
- - On March 31, 1997, the Operating Partnership purchased a 112,082 square
foot light industrial property located in New Brighton, Minnesota. The
purchase price for the property was approximately $3.2 million. The
property was purchased from Lowy Group, Inc. This property was owner
occupied prior to purchase.
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- - On March 31, 1997, the Operating Partnership purchased a 79,675 square
foot light industrial property located in Brooklyn Park, Minnesota. The
purchase price for the property was approximately $4.4 million. The
property was purchased from Ryan Companies US, Inc. This property was
owner occupied prior to purchase.
- - On March 31, 1997, the Operating Partnership purchased a parking lot
located in Brooklyn Park, Minnesota. The purchase price for the parking
lot was approximately $1.3 million. The parking lot was purchased from
Damark International, Inc.
- - On April 3, 1997, the Operating Partnership purchased a 49,190 square foot
light industrial property located in Eden Prarie, Minnesota. The purchase
price for the property was approximately $2.1 million. The property was
purchased from The Prudential Insurance Company of America.
- - On April 4, 1997, the Operating Partnership purchased a 243,000 square
foot bulk warehouse property located in Columbus, Ohio for approximately
$5.4 million. The property was purchased from PMF Investments, L.L.C. and
Walcutt Road LTD.
- - On May 29, 1997, the Operating Partnership purchased a 320,171 square foot
bulk warehouse property located in Alsip, Illinois for approximately $8.1
million. The property was purchased from Sammis PCA Partners.
- - On June 2, 1997, the Operating Partnership purchased two light industrial
properties totaling 92,815 square feet located in West Allis, Wisconsin.
The purchase price of the properties was approximately $3.2 million. The
properties were purchased from RREEF Mid America Fund III.
- - On June 5, 1997, the Operating Partnership purchased a 25,150 square foot
light industrial property located in Wauwatosa, Wisconsin. The purchase
price for the property was approximately $.8 million. The property was
purchased from American Paper and Packaging Corporation. This property
was owner occupied prior to purchase.
- - On June 13, 1997, the Operating Partnership purchased a 25,254 square foot
light industrial property located in Green Bay, Wisconsin. The purchase
price for the property was approximately $.8 million. The property was
purchased from Wisconsin Public Service Corporation. This property was
owner occupied prior to purchase.
- - On June 20, 1997, the Operating Partnership purchased a 59,075 square foot
light industrial property located in LaGrange, Illinois. The purchase
price for the property was approximately $2.5 million. The property was
purchased from Chicago Trust Company KATN 1535.
- - On June 26, 1997, the Operating Partnership purchased a 39,800 square foot
light industrial property located in Wauwatosa, Wisconsin. The purchase
price for the property was approximately $1.4 million. The property was
purchased from Matex, Inc.
- - On June 30, 1997, the Operating Partnership purchased a 212,040 square
foot light industrial property located in Elk Grove Village, Illinois.
The purchase price for the property was approximately $3.1 million. The
property was purchased from 2201 Lunt Avenue Venture.
- - On July 14, 1997, the Operating Partnership purchased a 52,402 square foot
light industrial property located in Oakland, New Jersey. The purchase
price for the property was approximately $2.7 million. The property was
purchased from Willinger Bros., Inc. This property was owner occupied
prior to purchase.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) and (b). Financial Statements. At this time it is impracticable to
file the required financial statements and pro forma financial information.
The required financial statements and pro forma financial information will be
filed in an amendment to this report on Form 8-K as soon as possible, but not
later than sixty (60) days from the date on which this report on Form 8-K is
required to be filed.
(c). Exhibits
NONE
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1933, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
FIRST INDUSTRIAL, L.P.
BY: FIRST INDUSTRIAL REALTY TRUST, INC.
July 14, 1997 By: /s/ Michael J. Havala
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Michael J. Havala
Chief Financial Officer
(Principal Financial and Accounting Officer)
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