Monday, May 6, 2019

Ferrero USA Takes Class A Distribution Building at First Logistics Center @ I-78/81

Ferrero USA, the U.S. arm of the third-largest confectionery company in the world, leased First Industrial Realty Trust's Class A distribution building at First Logistics Center @ I-78/81 in Jonestown, Pennsylvania.

The 738,720-square-foot, single-story structure at 112 Bordnersville Road comprises 135 loading docks, four drive-in bays, 56- by 54-foot column spacing and a 40-foot clear ceiling height. Completed by the owner in 2018, the 4-Star property spans 84.5 acres adjacent to Interstate 81.

First Industrial Realty Trust (NYSE: FR), a Chicago-based owner, operator and developer of industrial real estate, recently reported its first-quarter 2019 results, which included signing 1.8 million square feet of new leases for development and value-add acquisitions year-to-date.

First Industrial's President and Chief Executive Officer Peter Baccile said in a statement, "We continue to see broad-based demand for industrial real estate, reflected in our recent leasing wins at our developments and value-add acquisitions, as well as our portfolio performance. Given low national vacancy levels and supply and demand near equilibrium, the environment for rental rate growth in the sector remains favorable."

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