First Industrial Realty Trust, Inc.
), a real estate investment trust (REIT), has recently completed
its exit from the Columbus market, when it sold a 56-acre
property at 4300 Cemetery Road in Hilliard, Ohio, for $5.3
million. The property was sold to an affiliate of real estate
development company Continental Real Estate Cos. for an upcoming
commercial and residential mixed-use development project.
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FIRST INDL RLTY (FR): Free Stock Analysis
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Earlier, First Industrial had completed the sale of 10 industrial
properties in September 2012. The company had sold nearly 3
million square feet of warehouse and distribution space in the
region to Dallas-based Westmount Realty Capital LLC and Garrison
Investment Group of New York for $38.7 million.
The September transaction resulted in a loss for First Industrial
as it had reportedly bought the 10-property portfolio for $65.5
million over a period of time from 1996 through 2007. However,
with the asset sale, the company expected to improve its bottom
line as the properties had been a drag on the overall performance
with high vacancies.
First Industrial continuously augments the overall quality of its
portfolio by selling non-core assets and increasing its
liquidity. The company expects to meet both its short-term and
long-term liquidity needs with proceeds from asset sale, the
issuance of additional secured debt, and through continued equity
First Industrial owns and operates industrial real estate assets
and provides supply chain solutions to multinational corporations
and regional customers that range from 1,000 square feet to over
1 million square feet in leading industrial markets.
Since its inception in 1994, the company has developed a niche
for premier industrial space across major markets in North
America, including bulk and regional distribution centers, light
industrial and other industrial facility types.
We presently have a Neutral recommendation for First Industrial.
We also have a Neutral recommendation for
Brandywine Realty Trust
), a competitor of First Industrial.