Dec 18, 2017
First Industrial Developing First Logistics Center @ I-78/81 in Central PennsylvaniaFirst Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of industrial real estate, announced that it is developing First Logistics Center @ I-78/81 in Central Pennsylvania. First Industrial has commenced sitework and development of a 738,720 square-foot distribution center with completion targeted for the fourth quarter of 2018. Total investment for the distribution center is estimated at $49 million.
Located near the intersection of I-78 and I-81 in Lebanon County with I-81 frontage, the development is within a one day’s truck drive of 35% of the U.S. population and 51% of Canada’s population. The distribution center will feature a 40’ clear height, 185’ truck courts, 135 dock-high door positions, 4 drive-in doors, 246 trailer stalls, 289 auto stalls, ESFR sprinklers and LED lighting. The development is also subject to a 10-year LERTA (Local Economic Revitalization Tax Assistance) tax incentive program that phases in property taxes on improvements over a 10-year period.
“At First Logistics Center @ I-78/81, we are developing a state-of-the-art facility with excellent highway visibility and access, along with flexibility to meet the needs of a tenant that requires expanded trailer and truck parking, which is a rare offering,” said Peter Schultz, executive vice president for First Industrial. “We are excited to increase our investment in this key logistics market which continues to attract companies across a wide range of industries due to its strategic location and skilled workforce. We look forward to building upon our recent development success in Pennsylvania at our First 33 Commerce Center in the Lehigh Valley and First Logistics Center @ I-83 in York.”
The site plan for First Logistics Center @ I-78/81 includes 12 acres of land on which the Company is readying a pad for the future construction of a 250,000 square-foot facility. For prospective tenants of the larger building already under construction that require substantial parking or trailer storage, the site plan can be modified to accommodate an additional 296 trailer parking stalls or 632 car parks.
First Industrial’s team for this development is Peter Schultz, executive vice president, Jeff Thomas, senior regional director, and Jim Knopka, senior director of construction services. The CBRE Harrisburg Industrial & Logistics team of Patrick Lafferty, Michael Hess, Bart Anderson and Fred Ragsdale II will assist First Industrial with the leasing of this project. Construction is being led by Blue Rock Construction, as the general contractor, and Joseph V. Belluccia, AIA is the architect.
About First Industrial Realty Trust, Inc.
First Industrial Realty Trust, Inc. (NYSE: FR) is a leading fully integrated 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 and have under development approximately 65.5 million square feet of industrial space as of September 30, 2017. For more information, please visit us at www.firstindustrial.com.
For more information contact: Arthur Harmon, Vice President - Investor Relations and Marketing