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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 1-13102
Date of Report (date of earliest event reported): DECEMBER 11, 1997
FIRST INDUSTRIAL REALTY TRUST, INC.
(Exact name of Registrant as specified in its Charter)
MARYLAND 36-3935116
(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 5. OTHER EVENTS
Since the filing of First Industrial Realty Trust, Inc. and its
Subsidiaries' (the "Company") Form 8-K dated October 30, 1997, the Company
acquired 36 industrial properties and three land parcels for future development
from unrelated parties, during the period November 1, 1997 through December 22,
1997. The combined purchase price of the 36 industrial properties and three
land parcels acquired totaled approximately $94.6 million, excluding
development costs incurred subsequent to the acquisition of the land parcels
and closing costs incurred in conjunction with the acquisition of the
industrial properties and land parcels. The 36 industrial properties and three
land parcels acquired are described below and were funded with working capital,
the issuance of limited partnership units in First Industrial, L.P. (the
"Units") and borrowings under the Company's 1996 Unsecured Acquisition
Facility. The Company has continued the pre-acquisition uses of the
properties. With respect to the land parcels purchased, the Company intends to
develop the land parcels and operate the facilities as industrial rental
property.
In connection with the acquisition of 28 of the 36 industrial properties
acquired during the period October 31, 1997 through December 19, 1997, the
closing date of the last property acquired, the Company completed negotiations
to acquire an additional industrial property (described below) by January 31,
1998 which will be funded with cash, the issuance of Units and the assumption
of debt. The Company will continue the pre-acquisition use of this property.
o On November 19, 1997, the Company purchased a 100,000 square foot bulk
warehouse property located in Indianapolis, Indiana for approximately $3.3
million. The property was purchased from Shadeland III Associates Limited
Partnership. Rental history commenced on August 1, 1997.
o On November 24, 1997, the Company purchased a land parcel located in
Jeffersonville, Indiana for approximately $.9 million. The land parcel
was purchased from the Indiana Port Commission.
o On December 5, 1997, the Company purchased three light industrial
properties totaling 262,488 square feet located in Tempe, Arizona. The
aggregate purchase price for these properties was approximately $18.8
million. The properties were purchased from Opus Estates, L.L.C.
o On December 5, 1997, the Company purchased a 174,854 square foot light
industrial property located in Tempe, Arizona. The purchase price for the
property was approximately $7.5 million. The property was purchased from
Opus West, L.L.C. Rental history has not yet commenced.
o On December 9, 1997, the Company purchased a 100,000 square foot light
industrial property located in Hicksville, New York. The purchase price
for the property was approximately $3.2 million. The property was
purchased from Sulzer Metco (U.S.) Inc. This property was owner occupied
prior to purchase.
o On December 11, 1997, the Company purchased 28 light industrial properties
totaling 919,843 square feet and two land parcels located in Tampa,
Florida. The purchase price for these properties and land parcels was
approximately $47.3 million which was funded with $45.9 million in cash
and the issuance of 42,101 Units valued at $1.4 million in the aggregate.
The properties and land parcels were purchased from TR Developers,
Thompson & Rubin, TRA Limited, Thompson Center II Joint Venture, Thompson
Center Adamo, L.P., Thompson-Rubin Sunventure, Ltd., D.C. Thompson, Ltd.,
TK Properties and Thompson Center II Joint Venture Land. In connection
with this acquisition, the Company completed negotiations with TK-SV to
acquire an additional 44,427 square foot light industrial property for
approximately $3.2 million. This property acquisition will be funded with
cash, the issuance of Units and the assumption of debt and is scheduled to
close by January 31, 1998.
o On December 16, 1997, the Company purchased a 215,000 square foot light
industrial property located in Hicksville, New York. The purchase price
for the property was approximately $3.3 million. The property was
purchased from General Semiconductor, Inc. This property was owner
occupied prior to purchase.
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o On December 19, 1997, the Company purchased a 98,052 square foot light
industrial property located in Tempe, Arizona. The purchase price for the
property was approximately $10.3 million. The property was purchased from
Opus West Corporation. Rental history commenced on November 10, 1997.
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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 no 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 REALTY TRUST, INC.
December 22, 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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