Aug 14, 2018
First Industrial Realty Trust Developing Two Buildings at Its New First Park 121 Totaling 345,280 SF in the Northwest Dallas MarketCHICAGO, August 14, 2018 – First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of industrial real estate, announced that it will begin development of First Park 121 on a recently acquired 84-acre site in Lewisville, TX in the Northwest submarket of Dallas. First Industrial will break ground on Phase I of the park, comprised of two rear-load facilities of 219,808 and 125,267 square feet, respectively. Total estimated investment for these two buildings is $27.5 million. In total, First Park 121 can accommodate four warehouse/distribution buildings totaling up to 727,000 square feet.
Located at Midway Road and FM 544 in Lewisville, the site provides easy access to SH-121, with close proximity to I-35E, the North Dallas Tollway and just seven miles from both Plano’s Legacy Business Park and Frisco’s 5 Billion Dollar Mile. Building A will feature a 32’ clear height, 50 dock-high door positions, 2 ramps, 53 trailer stalls, 222 auto stalls and ESFR sprinklers. Building B will also feature a 32’ clear height, as well as 29 dock-high door positions, 2 ramps, 168 auto stalls and ESFR sprinklers. The remainder of the site is presently available for customers seeking build-to-suits ranging from 125,000 SF up to 260,000 SF.
“Fundamentals in the Northwest Dallas submarket are strong supported by the growing regional economy and population that is driving business expansion,” said Robert Allen, regional manager and market leader for First Industrial in Dallas. “We believe First Park 121 will be an attractive home for a range of potential customers looking to serve the Dallas/Fort Worth region and the growing local consumer base.”
“We thank the City of Lewisville for their support of this project and look forward to our long-term relationship as First Park 121 attracts new businesses that contribute to the local economy,” said David Harker, executive vice president for First Industrial’s central region.
First Industrial would like to thank Adam Graham and Mark Graybill of Lee & Associates for their assistance with the land acquisition. They will also handle the leasing for First Park 121. Alliance Architects will serve as Architect for the project and Arch-Con Construction will serve as General Contractor.
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 63.9 million square feet of industrial space as of June 30, 2018, including 5.2 million square feet in Dallas. For more information, please visit us at www.firstindustrial.com.
For more information contact: Arthur Harmon, Vice President - Investor Relations and Marketing