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CHICAGO-Two executives of locally based First Industrial Realty Trust Inc. have been promoted. Joseph Mikes is named director of development for the Central region, and Christopher McGrath is named VP of development for the Chicago region.
Mikes joined First Industrial as SVP for development, Chicago region, in August 2000. Prior to that he was EVP and managing director for Grubb & Ellis here, and he previously headed the Chicago market for Denver-based ProLogis. In all, he has 22 years of experience in development and construction, including posts with Minneapolis-based Opus Group.
In his new position, Mikes oversees all land, vertical development and redevelopment opportunities throughout First Industrial's Central region. He remains located in the local office as does McGrath.
McGrath joined the company in June 2002 as senior regional development officer. He has more than 25 years of experience in the real estate industry, with a specialty in industrial park development. He has held posts with the Skokie, IL-based Alter Group, locally based Hamilton Partners and the local office of Dallas-based Trammell Crow Co. In the VP post with First Industrial, he leads development activities in Chicago and Milwaukee.
According to a statement from Jerry Pientka, EVP of development, First Industrial is accelerating its national development initiative. This month it acquired a five-building 380,000-sf complex in Pennsauken, NJ for an undisclosed price. As GlobeSt.com previously reported, the REIT is expected to obtain net proceeds of between $171.2 million and $195.7 million from the September offering of exchangeable senior unsecured notes.
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