First Industrial Stock Sale; The Deal Sheet
| In another move to delever its portfolio, First Industrial Real Estate Trust is issuing a public offering of 8.9M shares of its common stock, valued at $11.40 a share. | |
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| We snapped reps from First Industrial reporting their results at REIT Week last June. A First Industrial spokesperson said the company will take in about $100M from the stock sale, which will be used for “general corporate purchases, including repayments or repurchases of debt." UBS Securities is the sole book running manager for the stock sale. First Industrial stocks were valued at $23.20 yesterday afternoon. | |
| Finance News Urban Development Fund, an affiliate of Aries Capital, received an allocation totaling $35M under the New Markets Tax Credit program. This is the organization’s sixth NMTC award, bringing the total allocation dollars received to date to $292.5M. UDF has already used tax credits to renovate the St. Charles Hilton in New Orleans, La. Gran Plaza in Fort Worth, and Roseland Medical Center in Chicago. UDF will provide debt and equity financing at favorable terms to rehab real estate in low-income communities across the country. Sales News
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*** The Boulder Group's Randy Blankenstein and Jimmy Goodmansold a single-tenant property in St. John, Ind., which is ground leased to Walgreens for $2.7M. The 63k SF parcel is 100% leased on a long-term basis to Walgreens. Leasing News *** Paine/Wetzel · ONCOR International completed four industrial lease transactions totaling 115k SF in the Chicago area:
*** Lee & Associates' Paul Tesdal represented TKG Sweeping & Services in the lease of 11k SF of industrial at 3804 Hawthorn Court in Waukegan. Newmark Knight Frank Epic's Jared Paff represented building ownership, Sitex Realty Group. *** The Chicago Rush, one of the members of the newly formed Arena Football League, has completed an office lease at 2340 South River Rd in Des Plaines. Podolsky Northstar CORFAC International's John Homsher repped the Rush in the 5,450 SF lease on the fourth floor. The team is co-owned by Mike Ditka. Continental Offices repped the landlord. *** Lee & Associates' Ellen Steinbrecher and CJ Kuehl representedS/Tec in its lease of 4,614 SF at 440 Quadrangle Dr in Bolingbrook. NAI Hiffman's Jim Adler represented building ownership. *** Lee & Associates' Ellen Steinbrecher and CJ Kuehl representedPublic Storage in the leasing of 3,980 SF of office at 631 Boughton Rd in Bolingbrook. NAI Hiffman's Jim Adler repped building ownership. *** Red Frog Events signed a lease at 555 W 14th Place. It chose this facility due to the property’s aggressive rental rate, lease-term flexibility, and desirable location. Chicago Industrial Real Estate'sMatt Rogatz represented 14th Place LLC and The J Rich Co's Jason Schulz and Rich Schulz repped Red Frog Events. Construction News *** Leopardo completed Mount Prospect’s new 23k SF fire station. The two-story facility, which is seeking LEED Gold certification, features greywater recycling, high-efficiency heating and air conditioning systems, and use of natural daylight to reduce energy needs. The masonry and steel-constructed building also includes a basement, a three-vehicle bay, living quarters for seven firefighters, and a large training room. Fire Station #14 was designed in accordance with Miami-Dade County building codes, which ensures the ability to withstand hurricane-force weather conditions. Leopardo served as the construction manager, with SRBL as architect. *** Reed Construction has been selected to build-out a 20k SF office space for LKQ Corp at 500 W Madison. LKQ is relocating its HQ from 120 N. LaSalle. Reed will complete an interior build-out including millwork, custom architectural metal paneling, and glass and wood panel walls. Reed's Bryan Kreuger is the project exec andJason Gunderson is the project manager. Eastlake Studio is providing the architectural services. Executive Moves *** Jonathan Kohn has been promoted to VP at Colliers Internationalfrom senior associate within the industrial advisory group. This is his second consecutive promotion. *** Jones Lang LaSalle has promoted four executives within its brokerage group in Chicago. In tenant rep: Daniel McGillicuddy was promoted from SVP to EVP, Luanne Reedy was promoted from senior associate to VP, and Benjamin Erskine was promoted from senior associate to VP. In industrial services: Kelly Gray was promoted from associate to senior associate. |
