Oct 02, 2018
First Industrial Realty Trust Developing 1.9 Million Square-Foot First Aurora Commerce Center in the Denver Market
CHICAGO, October 2, 2018 – First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of industrial real estate, announced that it is developing First Aurora Commerce Center in Denver’s I-70 East/Airport submarket. First Industrial has commenced Phase I of the development, which includes construction of a 555,840 square-foot state-of-the-art logistics center with a total estimated investment for the first building of $38.3 million. First Industrial acquired the 138-acre site, which can accommodate up to 1.9 million square feet in five buildings, for $8.8 million.
Located near the intersection of E-470 and I-70 in Aurora, Colorado, the park will provide tenants with excellent transportation access and nearby amenities. The first building will feature a 36’ clear height, 109 dock-high door positions, 4 drive-in doors, 174 trailer stalls, 278 auto stalls, ESFR sprinklers and LED lighting. Phase I is expected to be completed in the Summer of 2019. First Industrial plans to develop the remaining land on a speculative basis with buildings ranging in size from 130,000 to 587,000 square feet.
“First Aurora Commerce Center is well-located to serve businesses that require convenient and efficient distribution channels, as well as access to a large pool of highly skilled labor from Aurora, Denver and the surrounding area,” said John Strabel, senior regional director for First Industrial. “We are excited to enhance our portfolio in the growing Denver metro area and expand our position in this key logistics submarket.”
First Industrial’s team for this development is Peter Schultz, executive vice president, John Strabel, senior regional director, and Jim Knopka, senior director of construction services. The JLL Denver Supply Chain and Logistics Solutions team of Mitchell Zatz, SIOR, and Carmon Hicks, SIOR, will assist First Industrial with the leasing of this project.
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. For more information, please visit us at www.firstindustrial.com.
For more information contact: Arthur Harmon, Vice President - Investor Relations and Marketing