First Industrial Expands So Cal Portfolio With Orange County Acquisition

30 Jan, 2007, Orange County, CA

First Industrial Realty Trust, Inc., a leading provider of diversified industrial real estate, has acquired a 366,629-square-foot warehouse facility located at 2001-2007 E. Dyer Road in Santa Ana, California. Jeff Chiate and Rick Ellison from Cushman & Wakefield represented both parties in the transaction valued at $38 million. Rockefeller Group Development Corporation was the seller.

The acquisition was completed on behalf of First Industrial’s Development/Repositioning Joint Venture (FirstCal 1) with the California State Teachers Retirement System (CalSTRS), the second-largest public pension fund in the U.S. with a $153 billion portfolio.

The building is strategically located in the heart of the Irvine Business Complex in the active Orange County Airport submarket. It is adjacent to Tustin Legacy, a 1,600 acre mixed-use redevelopment of the former Tustin Marine Corps Air Station.

First Industrial is planning to reposition the warehouse facility to meet the needs of corporate customers in the Orange County Airport submarket.

“We are pleased to acquire this building in one of the most desirable in-fill submarkets in Orange County,” said Phil Bowman, senior vice president of First Industrial’s Irvine region. “First Industrial is expanding its portfolio in Southern California by acquiring, developing and redeveloping properties to meet customer demand driven by increasing international trade and favorable market demographics. As part of our value creation strategy, First Industrial plans to reposition this facility to serve businesses seeking more than 100,000 square feet of quality warehouse space in this supply-constrained market.”

“The sale shows the increasing strength of the market. The historically low vacancy rates of 3.1 percent for industrial space in Orange County and an even lower 2.9 percent in the Greater Airport area should help continue to propel rents upward,” says Jeff Chiate, a senior director at Cushman & Wakefield’s Orange County office.

First Industrial Realty Trust, Inc., a leading provider of diversified industrial real estate, serves every aspect of Corporate America's industrial real estate needs, including customized supply chain solutions, through its I-N-D-L operating platform, which utilizes a pure industrial focus and national scope to provide diverse facility types, while offering local, full-service management and expertise. The company owns, operates and has under development more than 100 million square feet of industrial real estate in markets throughout the United States. Building, buying, selling, leasing and managing industrial property in major markets nationwide, First Industrial develops long-term relationships with corporate real estate directors, tenants and brokers to better serve customers with creative, flexible industrial real estate solutions.

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Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 195 offices in 55 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-213-955-5100, or visit the firm’s Web site at www.cushmanwakefield.com.

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