First Industrial Realty Trust Buys 440,000 SF

LOS ANGELES-First Industrial Realty Trust of Chicago has added to its Southern California holdings with the acquisition of four buildings totaling 440,000 sf in Thousand Oaks, Compton and Torrance. The properties, the REIT points out, are situated in “two critical submarkets of Los Angeles,” the Conejo Valley in the northern part of the L.A. Basin and the South Bay submarket near the ports.

In one of its acquisitions, First Industrial bought a two-building portfolio totaling 184,000 sf in Thousand Oaks from the Wood Family Trust. The buildings, which are 100% leased, are located just off the 101 Freeway at 1011 Rancho Conejo Rd. and 2300 Corporate Center Dr.

Another acquisition was a 177,000-sf distribution center at 220 W. Manville St. in Compton, directly north of the ports of Los Angeles and Long Beach. First industrial bought the property via a development and repositioning joint venture called First Cal 1, which it established in partnership with the California State Teachers’ Retirement System, or CalSTRS.