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First Industrial Anticipates 2006 Acquisitions to Total $1B-Plus

CHICAGO-After spending $2.3 billion for assets last year on its own balance sheet and joint venture partner California State Teachers Retirement System, First Industrial Realty Trust expects its buys to total about $1.5 billion this year.

By Mark Ruda | Updated on February 27, 2006

(To read more on the industrial market, click here.)

CHICAGO-First Industrial Realty Trust, Inc. may not repeat as the most voracious acquirer of industrial real estate, but the REIT still is aiming to make about $1.5 billion in investments this year. Helped by joint ventures with the California State Teachers Retirement System, First Industrial Realty Trust already has $901 million in deals closed plus developments that are proposed or under construction.

Acquisitions and developments put into service are expected to total more than $600 million on First Industrial’s balance sheet. Meanwhile, the joint ventures are expected to rack up more than $800 million in new developments and purchases.

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