First Industrial Realty Trust Announces 447,000 Square Feet of Development Leasing in Dallas and Minneapolis

CHICAGO, Sept. 10, 2014 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading owner, operator and developer of industrial real estate, today announced that it has signed a long-term full-building lease for 376,601 square feet with a leading company in the food and beverage industry at its First Pinnacle Industrial Center development in Dallas. The lease is expected to commence in the second quarter of 2015.

First Pinnacle Industrial Center is a two-building complex totaling 598,138 square feet slated for completion in early 2015. To date, First Pinnacle is 87% pre-leased.

David Harker, First Industrial's executive vice president for its Central region, stated, "Our site was well-suited for our customer's requirements for a single-tenant facility with a secure truck court offering efficient highway access. We are pleased to earn their business and help serve their supply chain needs."

Royal Pratt, senior regional director and market leader, Robert Allen, marketing leasing director, and Chad Parrish, director of development, lead First Industrial's efforts on the First Pinnacle development.  Seth Kelly of CBRE Global Corporate Services Group represented the tenant. First Industrial was assisted by Terry Darrow and Nathan Orbin, both of Jones Lang LaSalle.

The Company also announced that it leased 70,771 square feet in Minneapolis at its Interstate North Business Center development to a growing communications technology company. To date, Interstate North is 70% pre-leased.  The lease is expected to start in the first quarter of 2015.

Chris Willson, senior regional director, and Jim Knopka, senior director of construction, lead First Industrial's team for Interstate North. Jason Simek, Peter Mork, and Steve Nilsson of Colliers International assisted First Industrial on this lease.  Tom Hauschild of the Tegra Group represented the tenant. 

About First Industrial Realty Trust, Inc.

First Industrial Realty Trust, Inc. (NYSE: FR) is a leading 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, manage and have under development approximately 66.2 million square feet of industrial space as of June 30, 2014. For more information, please visit us at www.firstindustrial.com.

Forward-Looking Information

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words "believe," "expect," "intend," "plan," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "should" or similar expressions. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically; changes in legislation/regulation (including changes to laws governing the taxation of real estate investment trusts) and actions of regulatory authorities; our ability to qualify and maintain our status as a real estate investment trust; the availability and attractiveness of financing (including both public and private capital) to us and to our potential counterparties; the availability and attractiveness of terms of additional debt repurchases; interest rates; our credit agency ratings; our ability to comply with applicable financial covenants; competition; changes in supply and demand for industrial properties (including land, the supply and demand for which is inherently more volatile than other types of industrial property) in the Company's current and proposed market areas; difficulties in identifying and consummating acquisitions and dispositions; our ability to manage the integration of properties we acquire; risks related to our investments in properties through joint ventures; environmental liabilities; slippages in development or lease-up schedules; tenant creditworthiness; higher-than-expected costs; changes in asset valuations and related impairment charges; changes in general accounting principles, policies and guidelines applicable to real estate investment trusts; international business risks; and those additional factors described under the "Risk Factors" and elsewhere in the Company's annual report on Form 10-K for the year ended December 31, 2013 and in the Company's subsequent Exchange Act reports. We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this press release or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements. For further information on these and other factors that could impact the Company and the statements contained herein, reference should be made to the Company's filings with the Securities and Exchange Commission.

Logo - http://photos.prnewswire.com/prnh/20040106/FRLOGO

SOURCE First Industrial Realty Trust, Inc.