First Industrial Grows Northern California Portfolio with Acquisition of 62,474 Square-Foot Facility in Oakland Submarket
First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of industrial real estate, recently acquired a 62,474 square-foot front-load warehouse/distribution building in San Leandro, California for $12.3 million.
Located at 2085 Burroughs Avenue in Alameda County, the property is conveniently located near I-880, the main north/south thoroughfare through the East Bay market connecting Oakland to San Jose. The building is just 3.8 miles southeast of Oakland International Airport and 10.3 miles southeast of the Port of Oakland. First Industrial is investing in capital improvements and repositioning work at the property including a lighting upgrade, roof replacement and seismic retrofit. The site work is expected to be completed by the third quarter of 2021.
“Northern California’s industrial market continues to see strong demand given its dynamic consumer base and significant supply constraints,” said John Quinn, regional director and market leader for First Industrial. “We are pleased to add another well-located industrial facility in this high-barrier market and will continue to seek new logistics investments including redevelopment opportunities and developable land.”
Since the beginning of 2020, First Industrial’s investment activity in Northern California includes:
- In the first quarter of 2021, First Industrial acquired a 3-acre land site at 3764 Depot Road in Hayward, California for the future development of a 37,000 square-foot rear-load distribution facility.
- In the third quarter of 2020, First Industrial acquired a vacant industrial building at 22950 Clawiter Road in Hayward, California. First Industrial invested in significant capital improvements in the now 18,250 square-foot building with expanded parking.
- In the second quarter of 2020, First Industrial acquired two adjacent buildings at 4160-4170 and 4200 Business Center Drive in Fremont, California totaling 84,692 square feet.
- In the first quarter of 2020, First Industrial purchased a 22,500 square-foot front-load distribution center at 27403 Industrial Boulevard in Hayward.
- First Industrial also recently completed the successful annexation of its First Stockton Logistics Center land into the City of Stockton. Once the entitlements are fully complete, First Stockton Logistics Center will be able to accommodate a 1.2 million square-foot logistics center at the intersection of Arch Road and Newcastle Road.
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 64.4 million square feet of industrial space as of March 31, 2021. For more information, please visit us at www.firstindustrial.com.
Contact: Art Harmon, Vice President, Investor Relations and Marketing - (312) 344-4320