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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): APRIL 6, 1998
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 January 1, 1998, First Industrial Realty Trust, Inc. and its
Subsidiaries (the "Company") acquired 163 industrial properties and seven land
parcels for future development from unrelated parties and four industrial
properties from a related party during the period January 1, 1998 through April
17, 1998. The combined purchase price of the 167 industrial properties and
seven land parcels acquired totaled approximately $363.9 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 167 industrial properties and seven
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"), the issuance of $.01 par value preferred stock, the assumption of
secured debt, borrowings under the Company's $300 million unsecured revolving
credit facility and the issuance of other unsecured debt. The Company will
operate the facilities as industrial rental property. With respect to the land
parcels purchased, the Company intends to develop the land parcels and operate
the facilities as industrial rental property.
- - On January 9, 1998, the Company purchased a 53,500 square foot light
industrial property located in Franklin Park, Illinois. The purchase
price for the property was approximately $1.2 million. The property was
purchased from Chicago Trust Company, successor Trustee to Chicago Title
and Trust Company, as trustee u/t/a dated November 18, 1982, Trust No.
10-82791, The Sam Cohn Testamentary Trust, Jerrold V. Cohen and Leslie S.
Cohn.
- - On January 12, 1998, the Company purchased five light industrial
properties and one bulk warehouse property totaling 353,048 square feet
located in West Chicago, Illinois. The aggregate purchase price for these
properties was approximately $12.0 million. The properties were purchased
from Westech Business Centers, Inc. and Wegner Land and Development
Corporation.
- - On January 15, 1998, the Company purchased four light industrial
properties totaling 318,013 square feet in Minneapolis, Minnesota. The
aggregate purchase price for these properties was approximately $11.2
million. The properties were purchased from Advent Realty Limited
Partnership II.
- - On January 16, 1998, the Company purchased a 288,000 square foot bulk
warehouse property located in Bolingbrook, Illinois for approximately
$10.4 million. The property was purchased from Bardale Company.
- - On January 27, 1998, the Company purchased nine light industrial
properties totaling 183,772 square feet and a land parcel located in West
Valley City, Utah. The aggregate purchase price for these properties and
land parcel was approximately $15.2 million. The properties and land
parcel were purchased from Stancop Associates Joint Venture, a Utah joint
venture.
- - On January 30, 1998, the Company purchased three light industrial
properties and one bulk warehouse property totaling 309,386 square feet
located in Chicago, Illinois. The aggregate purchase price for these
properties was approximately $7.9 million which was funded with $7.7
million in cash and the issuance of 5,772 Units valued at $.2 million.
The properties were purchased from Western Suburban Industrial Investments
Limited Partnership ("Western"). The sole general partner of Western,
having a 5% interest, was Tomasz/Shidler Investment Corporation, the sole
shareholders of which were a Director and a Director/Officer of the
Company who also had a 53% and 32% limited partnership interest in
Western, respectively. Further, an additional Director/Officer of the
Company was a limited partner in Western having an interest of 2%.
- - On January 30, 1998, the Company purchased ten light industrial properties
totaling 448,186 square feet located in Denver, Colorado. The aggregate
purchase price for these properties was approximately $16.9 million which
was funded with $16.5 million in cash and the issuance of 10,961 Units
valued at $.4 million. The properties were purchased from RPM
Investments, Inc. as accommodator for the Denver Gardens Company, L.L.C.
and Myrna R. Debilak, 3150 Corporation as qualified intermediary for Stan
Lucas, 3811 Joliet, L.L.P., a Colorado limited liability partnership,
Lewis-Joliet, L.L.P. and Pacifica Joliet Industrial, L.L.C., a Colorado
limited liability corporation, Equity Industrial, L.P., a Nevada limited
partnership and Equity Industrial- California, L.P., a Colorado limited
partnership. This acquisition was the final phase of the Pacifica
Acquisition Properties transaction which was audited in Form 8-K/A No. 2
dated December 11, 1997, as filed on February 26, 1998.
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- - On February 2, 1998, the Company purchased a land parcel located in
Taylor, Michigan for approximately $.8 million. The land parcel was
purchased from Virginia Holding Corporation, a Virginia corporation.
- - On February 5, 1998, the Company purchased a land parcel located in Orion,
Michigan for approximately $1.3 million. The land parcel was purchased
from Ms. Beverly J. Ohngren.
- - On February 11, 1998, the Company purchased a 69,220 square foot light
industrial property located in Springboro, Ohio. The purchase price for
the property was approximately $2.0 million. The property was purchased
from Alcoa Building Products, Inc.
- - On March 3, 1998, the Company purchased a 42,700 square foot light
industrial property located in Garden City, New York. The purchase price
for the property was approximately $2.0 million. The property was
purchased from Klinger Scientific Corporation.
- - On March 4, 1998, the Company purchased a light industrial property
totaling 181,950 square feet and a land parcel located in Noblesville,
Indiana. The aggregate purchase price for the property and land parcel
was approximately $2.9 million. The property and land parcel were
purchased from Alliant Foodservice, Inc. The Property was owner occupied
prior to purchase.
- - On March 10, 1998, the Company purchased a land parcel located in Conyers,
Georgia for approximately $.7 million. The land parcel was purchased from
Atlanta East (Delaware), L.L.C.
- - On March 12, 1998, the Company purchased two light industrial properties
totaling 75,200 square feet located in Grand Rapids, Michigan. The
aggregate purchase price for these properties was approximately $2.5
million which was funded with $1.1 million in cash and the issuance of
37,674 Units valued at $1.4 million. The properties were purchased from
Robert J. Powers.
- - On March 12, 1998, the Company purchased 16 light industrial properties
totaling 534,360 square feet and a land parcel located in Exton,
Pennsylvania. The aggregate purchase price for these properties and land
parcel was approximately $22.7 million. The properties and land parcel
were purchased from Pickering Acquisitions Associates, a Pennsylvania
general partnership.
- - On March 17, 1998, the Company purchased a 200,000 square foot bulk
warehouse property located in Chicago, Illinois for approximately $4.9
million. The property was purchased from Lake Moor Investments, Inc.
- - On March 18, 1998, the Company purchased two light industrial properties
totaling 217,612 square feet located in Columbus, Ohio. The aggregate
purchase price for these properties was approximately $5.1 million. The
properties were purchased from Northwest Equity Partners, a Texas general
partnership.
- - On March 23, 1998, the Company purchased a 60,000 square foot light
industrial property located in Farmingdale, New York. The purchase price
for the property was approximately $2.2 million. The property was
purchased from Mr. Jerry Williams. The property was owner occupied prior
to purchase.
- - On March 24, 1998, the Company purchased a 66,132 square foot light
industrial property located in Sterling Heights, Michigan. The purchase
price for the property was approximately $3.1 million. The property was
purchased from Jado V L.L.C. The property was owner occupied prior to
purchase.
- - On March 25, 1998, the Company purchased seven light industrial properties
totaling 382,063 square feet located in Detroit, Michigan. The aggregate
purchase price for these properties was approximately $17.2 million. The
properties were purchased from Pioneer Acquisition Realty Trust, Dynamic
Associates, L.P, a Michigan limited partnership, Stephenson Highway Realty
Trust, Pioneer Acquisition Realty Trust and Aero-Mand Limited Partnership.
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- - On March 27, 1998, the Company purchased a 123,808 square foot bulk
warehouse property located in Smyrna, Georgia for approximately $5.0
million. The property was purchased from Highlands Summit Business
Center, L.L.C. The property was owner occupied prior to purchase.
- - On March 27, 1998, the Company purchased a land parcel located in
Minneapolis, Minnesota for approximately $1.9 million. The land parcel
was purchased from Valley Green Business Park Limited Partnership.
- - On March 31, 1998, the Company purchased a 423,230 square foot bulk
warehouse property located in Coloma, Michigan for approximately $9.1
million. The property was purchased from Agrilink Foods, Inc. The
property was owner occupied prior to purchase.
- - On April 1, 1998, the Company purchased three light industrial properties
totaling 75,350 square feet located in Des Moines, Iowa. The aggregate
purchase price for these properties was approximately $2.3 million. The
properties were purchased from Mr. Jeffrey N. Downing, Mr. Dale K.
Humiston and Mr. Leon R. Shearer.
- - On April 1, 1998, the Company purchased a 99,600 square foot light
industrial property located in Hauppauge, New York. The purchase price
for the property was approximately $6.2 million which was funded with $4.0
million in cash and the issuance of 61,604 Units valued at $2.2 million.
The property was purchased from Mall Drive Associates, a New York limited
partnership.
- - On April 1, 1998, the Company purchased a 325,000 square foot bulk
warehouse property located in Garden City, New York for approximately
$14.5 million. The property was purchased from Di Giorgio Corporation.
- - On April 1, 1998, the Company purchased 11 light industrial properties
totaling 525,800 square feet located in Hartford, Connecticut. The
aggregate purchase price for these properties was approximately $15.5
million. The properties were purchased from the Illinois Teachers
Retirement Pension Fund.
- - On April 3, 1998, the Company purchased 39 light industrial properties
totaling 857,108 square feet located in Detroit, Michigan. The aggregate
purchase price for these properties was approximately $64.1 million which
was funded with $40.1 million in cash and the issuance of 691,060 Units
valued at $24.0 million. The properties were purchased from
Shamie-Pomeroy.
- - On April 6, 1998, the Company purchased 25 light industrial properties and
three bulk warehouse properties totaling 1,531,338 square feet located in
Cherry Hill, New Jersey. The aggregate purchase price for these
properties was approximately $51.0 million. The properties were purchased
from Cherry Hill Industrial Sites, Inc.
- - On April 9, 1998, the Company purchased a 284,135 square foot bulk
warehouse property located in Chicago, Illinois for approximately $4.1
million. The property was purchased from United Warehousing Company.
- - On April 14, 1998, the Company purchased a 103,257 square foot bulk
warehouse property located in Englewood, Colorado for approximately $6.1
million. The property was purchased from Spiral Inc.
- - On April 16, 1998, the Company purchased a 300,300 square foot bulk
warehouse property located in Columbus, Ohio for approximately $4.5
million. The property was purchased from Lockbourne Fidelco Partnership,
an Ohio general partnership.
- - On April 16, 1998, the Company purchased ten light industrial properties
and one bulk warehouse property totaling 840,229 square feet located in
Baltimore, Maryland. The aggregate purchase price for these properties was
approximately $37.4 million which was funded with $33.3 million in cash,
the assumption of $2.5 million of debt and the issuance of 44,776 Units
valued at $1.6 million. The properties were purchased from P.F. Obrecht
and Son.
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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.
April 20, 1998 By: /s/ Michael J. Havala
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Michael J. Havala
Chief Financial Officer
(Principal Financial and Accounting Officer)
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