CHICAGO, March 12 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR) announced today the $2.0 million acquisition of a 42,700 square foot light industrial facility in Garden City, Long Island.
The property, which is located at 999 Stewart Ave., is situated on approximately 1.7 acres of land near Mitchell Field, Roosevelt Field and the Meadowbrook Parkway. This acquisition increases First Industrial's in-service portfolio on Long Island to 51 buildings totaling approximately 3.5 million square feet.
"This addition to our Long Island portfolio supports our continuing strategy of making key acquisitions and increasing our dominance in this market," First Industrial's Senior Regional Director Jan Burman said. Jeff Cohen, the Company's regional director in Long Island, will manage the property out of the Syosset office for First Industrial.
"We are quite pleased to bring this highly functional and very well- located building into our portfolio," First Industrial Regional Investment Officer Jeff Schwartzberg said. "The Garden City sub-market has excellent demand characteristics. Since we have a customer already in place for the next several years, First Industrial is positioned to receive an immediate and satisfactory return on our investment." Schwartzberg coordinated this acquisition on behalf of the Company.
First Industrial wishes to acknowledge the assistance of the Greiner-Maltz Company Inc. in consummating this transaction. Charles V. Tabone (SIOR) and Jerome Norton were instrumental in the success of this acquisition.
First Industrial Realty Trust, Inc. is a fully integrated, self-advised real estate company that owns, manages, acquires, develops and redevelops industrial properties in 24 major U.S. markets. First Industrial's regional offices service a diverse base of approximately 2,600 tenants and operate more than 800 industrial facilities comprising 59 million square feet. The Company's corporate strategy is to create long-term appreciation in its portfolio through superior customer service, opportunity-driven acquisitions, low-risk developments and the strategic sale of properties. First Industrial has a total market capitalization of approximately $2.7 billion.
SOURCE First Industrial Realty Trust, Inc.
/CONTACT: Joe Bronson, media inquiries, or Cindy Thorson Klimstra, investor inquiries, 312-344-4343, both of First Industrial Realty/
CO: First Industrial Realty Trust, Inc. ST: Illinois IN: FIN RLT SU: TNM
JB-AJ -- CGTH041 -- 7913 03/12/98 15:00 EST http://www.prnewswire.com
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