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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
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Commission File Number 1-13102
Date of Report (date of earliest event reported): JUNE 30, 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 2. ACQUISITION OR DISPOSITION OF ASSETS
On June 30, 1997, First Industrial Realty Trust, Inc. and its Subsidiaries
( the "Company"), through First Industrial, L.P. (the "Operating Partnership"),
of which the Company is the sole general partner, 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 Company'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 Company'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 Company, any affiliate of the Company
or any director or officer of the Company. 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 Company 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
Since the filing of the Company's Form 8-K/A No. 1 dated February 12,
1997, exclusive of the Punia Phase I Acquisition described above, the Company
acquired 20 industrial properties, eight land parcels for future development
and one parking lot from unrelated parties 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, land
parcels and parking lot totaled approximately $71.4 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, land parcels and parking lot. The 20 industrial
properties, eight land parcels and one parking lot acquired are described below
and were funded with working capital, the issuance of 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.
o On February 20, 1997, the Company 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.
o On March 17, 1997, the Company purchased two bulk warehouse properties
totaling 312,500 square feet in York, Pennsylvania for approximately $8.4
million which was funded with $6.8 million in cash and 58,032 Units valued
at $1.6 million in the aggregate. The properties were purchased from
Valcor Properties.
o On March 21, 1997, the Company 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.
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o On March 24, 1997, the Company purchased a 162,500 square foot light
industrial property located in Mechanicsburg, Pennsylvania. The purchase
price for the property was approximately $3.4 million. The property was
purchased from Kinney Service Corporation. This property was owner
occupied prior to purchase.
o On March 28, 1997, the Company 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.
o On March 31, 1997, the Company 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.
o On March 31, 1997, the Company 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.
o On March 31, 1997, the Company 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.
o On April 3, 1997, the Company 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.
o On April 4, 1997, the Company 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.
o On April 15, 1997, the Company purchased a land parcel located in
Shakopee, Minnesota for approximately $.8 million. The land parcel was
purchased from Valley Green Business Park Limited Partnership.
o On April 28, 1997, the Company purchased a land parcel located in St.
Louis, Missouri for approximately $.8 million. The land parcel was
purchased from Stitch-Tec Co., Inc.
o On May 9, 1997, the Company purchased a land parcel located in Romulus,
Michigan for approximately $.7 million. The land parcel was purchased
from Yves Rea.
o On May 29, 1997, the Company 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.
o On May 30, 1997, the Company purchased a land parcel located in
Cumberland, Pennsylvania for approximately $.4 million. The land parcel
was purchased from Kinney Service Corporation.
o On June 2, 1997, the Company 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.
o On June 2, 1997, the Company purchased a 178,600 square foot bulk
warehouse property located in Mechanicsburg, Pennsylvania for
approximately $4.6 million. The property was purchased from Cumberland
Partners. This property was owner occupied prior to purchase.
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o On June 5, 1997, the Company 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.
o On June 9, 1997, the Company purchased a land parcel located in
Shreveport, Louisiana for approximately $.1 million. The land parcel was
purchased from Crow-Shreveport No. 1 Limited Partnership.
o On June 12, 1997, the Company purchased a land parcel located in Lorain
County, Ohio for approximately $.7 million. The land parcel was purchased
from the Key Trust Company of Ohio, N.A.
o On June 13, 1997, the Company 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.
o On June 20, 1997, the Company 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.
o On June 20, 1997, the Company purchased a land parcel located in
Minneapolis, Minnesota for approximately $.8 million which was funded
entirely with the issuance of 25,342 Units. The land parcel was purchased
from Malcolm Properties, L.L.C.
o On June 26, 1997, the Company 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.
o On June 26, 1997, the Company purchased a land parcel located in
Brookfield, Wisconsin for approximately $1.0 million. The land parcel was
purchased from MLG/JLP Twenty East Limited Partnership.
o On June 30, 1997, the Company 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.
o On July 14, 1997, the Company 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 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
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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