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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
__________________
Commission File Number 333-21873
Date of Report (date of earliest event reported): APRIL 6, 1998
FIRST INDUSTRIAL, L.P.
(Exact name of Registrant as specified in its Charter)
DELAWARE 36-3924586
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
311 S. WACKER DRIVE, SUITE 4000, CHICAGO, ILLINOIS 60606
(Address of principal executive offices)
(312) 344-4300
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
Since January 1, 1998, First Industrial, L.P. (the "Operating Partnership")
acquired 142 industrial properties and one land parcel for future development
from unrelated parties and four industrial properties from a related party
during the period January 1, 1998 through April 17, 1998 and partnerships in
which the Operating Partnership owns a 99% limited partnership interest (the
"Other Real Estate Partnerships") purchased 21 properties and six land parcels
for future development from unrelated parties during the period January 1, 1998
through April 17, 1998. The combined purchase price of the 146 industrial
properties and land parcel acquired by the Operating Partnership totaled
approximately $327.2 million, excluding development costs incurred subsequent
to the acquisition of the land parcel and closing costs incurred in conjunction
with the acquisition of the industrial properties and land parcel. The
combined purchase price of the 21 industrial properties and six land parcels
acquired by the Other Real Estate Partnerships totaled approximately $36.7
million, excluding development costs incurred subsequent to the acquisition of
the land parcels and closing costs incurred in conjunction with the acquisition
of the industrial properties and land parcels. The 146 industrial properties
and land parcel acquired by the Operating Partnership and the 21 industrial
properties and six land parcels acquired by the Other Real Estate Partnerships
are described below and were funded with working capital, the issuance of
limited partnership units in the Operating Partnership (the "Units"), preferred
contributions from the general partner, the assumption of secured debt,
borrowings under the Operating Partnership's $300 million unsecured revolving
credit facility and the issuance of other unsecured debt. The Operating
Partnership and the Other Real Estate Partnerships will operate the facilities
as industrial rental property. With respect to the land parcels purchased,
the Operating Partnership and the Other Real Estate Partnerships intend to
develop the land parcels and operate the facilities as industrial rental
property.
- - On January 9, 1998, the Operating Partnership purchased a 53,500 square
foot light industrial property located in Franklin Park, Illinois. The
purchase price for the property was approximately $1.2 million. The
property was purchased from Chicago Trust Company, successor Trustee to
Chicago Title and Trust Company, as trustee u/t/a dated November 18, 1982,
Trust No. 10-82791, The Sam Cohn Testamentary Trust, Jerrold V. Cohen and
Leslie S. Cohn.
- - On January 12, 1998, the Operating Partnership purchased five light
industrial properties and one bulk warehouse property totaling 353,048
square feet located in West Chicago, Illinois. The aggregate purchase
price for these properties was approximately $12.0 million. The
properties were purchased from Westech Business Centers, Inc. and Wegner
Land and Development Corporation.
- - On January 15, 1998, the Operating Partnership purchased four light
industrial properties totaling 318,013 square feet in Minneapolis,
Minnesota. The aggregate purchase price for these properties was
approximately $11.2 million. The properties were purchased from Advent
Realty Limited Partnership II.
- - On January 16, 1998, the Operating Partnership purchased a 288,000 square
foot bulk warehouse property located in Bolingbrook, Illinois for
approximately $10.4 million. The property was purchased from Bardale
Company.
- - On January 27, 1998, the Operating Partnership purchased nine light
industrial properties totaling 183,772 square feet and a land parcel
located in West Valley City, Utah. The aggregate purchase price for these
properties and land parcel was approximately $15.2 million. The
properties and land parcel were purchased from Stancop Associates Joint
Venture, a Utah joint venture.
- - On January 30, 1998, the Operating Partnership purchased three light
industrial properties and one bulk warehouse property totaling 309,386
square feet located in Chicago, Illinois. The aggregate purchase price
for these properties was approximately $7.9 million which was funded with
$7.7 million in cash and the issuance of 5,772 Units valued at $.2
million. The properties were purchased from Western Suburban Industrial
Investments Limited Partnership ("Western"). The sole general partner of
Western, having a 5% interest, was Tomasz/Shidler Investment Corporation,
the sole shareholders of which were a Director and a Director/Officer of
the Operating Partnership who also had a 53% and 32% limited partnership
interest in Western, respectively. Further, an additional
Director/Officer of the Operating Partnership was a limited partner in
Western having an interest of 2%.
- - On January 30, 1998, the Operating Partnership purchased ten light
industrial properties totaling 448,186 square feet located in Denver,
Colorado. The aggregate purchase price for these properties was
approximately $16.9 million which was funded with $16.5 million in cash
and the issuance of 10,961 Units valued at $.4 million. The properties
were purchased from RPM Investments, Inc. as accommodator for the Denver
Gardens Company, L.L.C. and Myrna R. Debilak, 3150 Corporation as
qualified intermediary for Stan Lucas, 3811 Joliet, L.L.P., a Colorado
limited liability partnership, Lewis-Joliet, L.L.P. and Pacifica Joliet
Industrial, L.L.C., a Colorado limited liability corporation, Equity
Industrial, L.P., a Nevada limited partnership and Equity Industrial-
California, L.P., a Colorado limited partnership. This acquisition was
the final phase of the Pacifica Acquisition Properties transaction which
was audited in Form 8-K/A No. 2 dated December 11, 1997, as filed on
February 26, 1998.
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- - On February 2, 1998, the Other Real Estate Partnerships purchased a land
parcel located in Taylor, Michigan for approximately $.8 million. The land
parcel was purchased from Virginia Holding Corporation, a Virginia
corporation.
- - On February 5, 1998, the Other Real Estate Partnerships purchased a land
parcel located in Orion, Michigan for approximately $1.3 million. The land
parcel was purchased from Ms. Beverly J. Ohngren.
- - On February 11, 1998, the Operating Partnership purchased a 69,220 square
foot light industrial property located in Springboro, Ohio. The purchase
price for the property was approximately $2.0 million. The property was
purchased from Alcoa Building Products, Inc.
- - On March 3, 1998, the Operating Partnership purchased a 42,700 square foot
light industrial property located in Garden City, New York. The purchase
price for the property was approximately $2.0 million. The property was
purchased from Klinger Scientific Corporation.
- - On March 4, 1998, the Other Real Estate Partnerships purchased a light
industrial property totaling 181,950 square feet and a land parcel located
in Noblesville, Indiana. The aggregate purchase price for the property and
land parcel was approximately $2.9 million. The property and land parcel
were purchased from Alliant Foodservice, Inc. The Property was owner
occupied prior to purchase.
- - On March 10, 1998, the Other Real Estate Partnerships purchased a land
parcel located in Conyers, Georgia for approximately $.7 million. The land
parcel was purchased from Atlanta East (Delaware), L.L.C.
- - On March 12, 1998, the Operating Partnership purchased two light
industrial properties totaling 75,200 square feet located in Grand Rapids,
Michigan. The aggregate purchase price for these properties was
approximately $2.5 million which was funded with $1.1 million in cash and
the issuance of 37,674 Units valued at $1.4 million. The properties were
purchased from Robert J. Powers.
- - On March 12, 1998, the Other Real Estate Partnerships purchased 16 light
industrial properties totaling 534,360 square feet and a land parcel
located in Exton, Pennsylvania. The aggregate purchase price for these
properties and land parcel was approximately $22.7 million. The properties
and land parcel were purchased from Pickering Acquisitions Associates, a
Pennsylvania General partnership.
- - On March 17, 1998, the Operating Partnership purchased a 200,000 square
foot bulk warehouse property located in Chicago, Illinois for
approximately $4.9 million. The property was purchased from Lake Moor
Investments, Inc.
- - On March 18, 1998, the Operating Partnership purchased two light
industrial properties totaling 217,612 square feet located in Columbus,
Ohio. The aggregate purchase price for these properties was approximately
$5.1 million. The properties were purchased from Northwest Equity
Partners, a Texas general partnership.
- - On March 23, 1998, the Operating Partnership purchased a 60,000 square
foot light industrial property located in Farmingdale, New York. The
purchase price for the property was approximately $2.2 million. The
property was purchased from Mr. Jerry Williams. The property was owner
occupied prior to purchase.
- - On March 24, 1998, the Operating Partnership purchased a 66,132 square
foot light industrial property located in Sterling Heights, Michigan. The
purchase price for the property was approximately $3.1 million. The
property was purchased from Jado V L.L.C. The property was owner occupied
prior to purchase.
- - On March 25, 1998, the Operating Partnership purchased seven light
industrial properties totaling 382,063 square feet located in Detroit,
Michigan. The aggregate purchase price for these properties was
approximately $17.2 million. The properties were purchased from Pioneer
Acquisition Realty Trust, Dynamic Associates, L.P, a Michigan limited
partnership, Stephenson Highway Realty Trust, Pioneer Acquisition Realty
Trust and Aero-Mand Limited Partenrship.
- - On March 27, 1998, the Operating Partnership purchased a 123,808 square
foot bulk warehouse property located in Smyrna, Georgia for approximately
$5.0 million. The property was purchased from Highlands Summit Business
Center, L.L.C. The property was owner occupied prior to purchase.
- - On March 27, 1998, the Other Real Estate Partnerships purchased a land
parcel located in Minneapolis, Minnesota for approximately $1.9 million.
The land parcel was purchased from Valley Green Business Park Limited
Partnership.
- - On March 31, 1998, the Operating Partnership purchased a 423,230 square
foot bulk warehouse property located in Coloma, Michigan for approximately
$9.1 million. The property was purchased from Agrilink Foods, Inc. The
property was owner occupied prior to purchase.
- - On April 1, 1998, the Other Real Estate Partnerships purchased three light
industrial properties totaling 75,350 square feet located in Des Moines,
Iowa. The aggregate purchase price for these properties was approximately
$2.3 million. The properties were purchased from Mr. Jeffrey N. Downing,
Mr. Dale K. Humiston and Mr. Leon R. Shearer.
- - On April 1, 1998, the Operating Partnership purchased a 99,600 square foot
light industrial property located in Hauppauge, New York. The purchase
price for the property was approximately $6.2 million which was funded
with $4.0 million in cash and the issuance of 61,604 Units valued at $2.2
million. The property was purchased from Mall Drive Associates, a New
York limited partnership.
- - On April 1, 1998, the Operating Partnership purchased a 325,000 square
foot bulk warehouse property located in Garden City, New York for
approximately $14.5 million. The property was purchased from Di Giorgio
Corporation.
- - On April 1, 1998, the Operating Partnership purchased 11 light industrial
properties totaling 525,800 square feet located in Hartford, Connecticut.
The aggregate purchase price for these properties was approximately $15.5
million. The properties were purchased from the Illinois Teachers
Retirement Pension Fund.
- - On April 3, 1998, the Operating Partnership purchased 39 light industrial
properties totaling 857,108 square feet located in Detroit, Michigan. The
aggregate purchase price for these properties was approximately $64.1
million which was funded with $40.1 million in cash and the issuance of
691,060 Units valued at $24.0 million. The properties were purchased from
Shamie-Pomeroy.
- - On April 6, 1998, the Operating Partnership purchased 25 light industrial
properties and three bulk warehouse properties totaling 1,531,338 square
feet located in Cherry Hill, New Jersey. The aggregate purchase price for
these properties was approximately $51.0 million . The properties were
purchased from Cherry Hill Industrial Sites, Inc.
- - On April 9, 1998, the Other Real Estate Partnerships purchased a 284,135
square foot bulk warehouse property located in Chicago, Illinois for
approximately $4.1 million. The property was purchased from United
Warehousing Company.
- - On April 14, 1998, the Operating Partnership purchased a 103,257 square
foot bulk warehouse property located in Englewood, Colorado for
approximately $6.1 million. The property was purchased from Spiral Inc.
- - On April 16, 1998, the Operating Partnership purchased a 300,300 square
foot bulk warehouse property located in Columbus, Ohio for approximately
$4.5 million. The property was purchased from Lockbourne Fidelco
Partnership, an Ohio general partnership.
- - On April 16, 1998, the Operating Partnership purchased ten light
industrial properties and one bulk warehouse property totaling 840,229
square feet located in Baltimore, Maryland. The aggregate purchase price
for these properties was approximately $37.4 million which was funded
with $33.3 million in cash, the assumption of $2.5 million of debt and the
issuance of 44,776 Units valued at $1.6 million. The properties were
purchased from P.F. Obrecht and Son.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) and (b) Financial Statements:
At this time it is impracticable to file the required financial
statements and pro forma financial information. The required
financial statements and pro forma financial information will
be filed in an amendment to this report on Form 8-K as soon as
possible, but no later than sixty (60) days from the date on
which this report on Form 8-K is required to be filed.
(c) Exhibits.
None
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1933, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
FIRST INDUSTRIAL, L.P.
BY: FIRST INDUSTRIAL REALTY TRUST, INC.
Its General Partner
April 20, 1998 By: /s/ Michael J. Havala
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Michael J. Havala
Chief Financial Officer
(Principal Financial and Accounting Officer)
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