First Industrial Realty Trust, Inc.
), a real estate investment trust (REIT), has recently sold a
56-acre property at 4300 Cemetery Road in Hilliard, Ohio, for $5.3
million. The property was reportedly 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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With the divesture, First Industrial has completed its exit from
the Columbus market after it 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 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
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 issuance.
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 and a Zacks #3 Rank for
First Industrial that translates into a short-term Hold rating. We
also have a Neutral recommendation and a Zacks #3 Rank for
Duke Realty Corp.
), a competitor of First Industrial.