FIRST INDUSTRIAL REALTY TRUST PURCHASES SOUTH BAY PROPERTY FOR LOGISTICS CONVERSION

RANCHO DOMINGUEZ, CA – Validating the mounting demand for modern facilities to serve the expanding needs of the Ports of Los Angeles and Long Beach, industry leading First Industrial Realty Trust, Inc. has purchased a vacant 356,000 sq. ft. building on 14.5 acres in Rancho Dominguez, CA with plans to convert the former warehouse into a modern logistics facility, announces The Klabin Company. First Industrial Realty Trust acquired the property located at 3015 Ana St. in Rancho Dominguez. Frank Schulz, Todd Taugner, SIOR, a Klabin partner, and David Bales, all in Klabin’s Torrance office, represented First Industrial Realty Trust. Purchase price was not disclosed. First Industrial Realty Trust, Inc. (NYSE: FR) is the nation’s largest provider of diversified industrial real estate. The company leases, develops, redevelops, buys, sells and manages industrial facilities in the nation’s top 25 industrial markets. First Industrial Realty Trust will shortly be underway with a major re-configuration of the newly acquired property at an investment exceeding $4 million involving the demolition of 150,000 sq. ft. of the structure and redevelopment of the balance. The resulting building will comprise 213,000 sq. ft. and feature 55 dock high loading positions, 20-foot minimum interior clearance, and 5.7 acres of additional land for container storage and two Union Pacific rail spurs. A fourth quarter 2007 completion is scheduled. “There is growing demand for trans-loading and container storage near the ports. This will be a great off-dock container complex,” Schulz said. “This project reflects an ongoing trend of conversion of functionally obsolete warehouse and manufacturing space to logistics use. Land values drive this activity.” About Klabin Now in its sixth decade, The Klabin Company is ranked among the top 20 commercial real estate companies based in Los Angeles. The firm has offices in Los Angeles and Torrance, and is affiliated with CORFAC International. CORFAC International is one of the largest commercial real estate services organizations in the world. CORFAC is comprised of privately-held entrepreneurial firms serving 150 markets in The Americas and internationally through its KingSturge CORFAC International alliance. Last year, CORFAC partner firms completed more than 11,500 commercial real estate transactions worldwide, encompassing over 788 million square feet and valued at $23.4 billion.