First Industrial Realty Trust Acquires 19.6 Acres of Land Along I-95 in South Florida
Future Development Site for Two Distribution Buildings Totaling Approximately 300,000 Square Feet
First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of industrial real estate, announced that it recently acquired 19.6 acres of land at 1001-1021 NW 12th Terrace in Pompano Beach, Florida for $19.8 million.
Located along the west side of I-95, just north of Atlantic Boulevard, the site features a quarter mile of direct interstate frontage along one of Florida’s primary thoroughfares. The property also sits just 2 miles east of Florida’s Turnpike, 13 miles north of Fort Lauderdale-Hollywood International Airport, 37 miles north of Miami International Airport and 37 miles north of the Port of Miami. The 19.6-acre tract is currently partially leased to three tenants. Upon expiration of the leases in the next several years, First Industrial can develop two Class A distribution buildings on the site totaling approximately 300,000 square feet.
“We are excited to grow our landholdings in South Florida to fulfill rising demand for industrial space and expand our portfolio in the region,” said Chris Willson, senior regional director for First Industrial. “The site offers customers prime visibility along one of Florida’s busiest highways, a rare find in this land-constrained market.”
Mr. Willson and Brad Kluever, investment officer, led First Industrial’s efforts on the acquisition. First Industrial would like to thank the CBRE team of Larry Genet, Tom O’Loughlin, David Wigoda and Sean Kelly 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 66 million square feet of industrial space as of September 30, 2019. For more information, please visit us at www.firstindustrial.com.
Contact: Art Harmon, Vice President, Investor Relations and Marketing - (312) 344-4320