First Industrial Realty Says First Park 33 Development Has Started; Palmer Township Warehouse Project Investment Estimated at $63 Million

— Jeff Ward, Lehigh Valley News Briefs

First Industrial Realty Trust says development has begun on its First Park 33 project in Palmer Township.

First Industrial, a Chicago-based real estate investment trust (REIT), plans four buildings on the west side of Tatamy Road, between Newlin Mills Road and Corriere Road, according to Palmer Township documents.

First Industrial has started Phase 1 of First Park 33. This phase includes two buildings covering 362,000 square feet and $63 million estimated investment, according to a statement from First Industrial.

Documents provided earlier to Palmer Township indicate First Industrial plans buildings of 151,200 square feet to 210,000 square feet on the 66 acre property. The acreage was farmland earlier.

First Industrial Realty owns and has under development about 69 million square feet of industrial space.

Stock in First Industrial (NYSE:FR) was trading at $54.31 at 10:59 a.m. Thursday. At that price, the trust’s market capitalization is $7.4 billion.