In its second major announcement of the year, First Industrial Realty Trust Inc. has revealed the establishment of a new joint venture with the California State Teachers’ Retirement System for investment in industrial real estate in Toronto, Calgary and Edmonton. \u00a0The joint venture, FirstCal Industrial Canada L.L.C., has an initial total investment capacity of approximately $285 million. \u00a0CalSTRS will be the majority owner of the partnership, contributing a much as $90 million in equity for a 90 percent stake, leaving First Industrial with 10 percent equity interest for its $10 million contribution. First Industrial will manage FirstCal Industrial Canada and will accrue fees for overseeing development, property management, leasing, sales and portfolio administration responsibilities. The investment vehicle will develop build-to-suits and speculative properties and redevelop and acquire existing properties in areas where international trade is on the rise and the use of intermodal facilities for transportation of goods in increasing; both of which are spurring demand for supply chain accommodations. Characterized by increasing demand and a dwindling amount of space, the Toronto, Calgary and Edmonton areas fit the bill. FirstCal Industrial Canada has already secured credit facilities with lead lender WestLB AG. While the current investment target is $285 million, the joint venture’s activities may exceed that amount over the duration of the partnership, which has an initial term of 10 years. \u00a0Chicago-based First Industrial has kicked off the year with a major focus on increasing its presence beyond U.S. borders. Yesterday the industrial real state supply chain solutions provider announced the formation of another joint venture with CalSTRS. Through FirstCal Industrial Europe L.L.C., the partners will develop and redevelop properties in The Netherlands and Belgium, investing approximately $475 million. \u00a0With its recently formed joint ventures, First Industrial now has a presence in 30 markets in the United States, Canada, The Netherlands and Belgium. Company stock opened today at $31.48.<\/p>\n","protected":false},"excerpt":{"rendered":"
In its second major announcement of the year, First Industrial Realty Trust Inc. has revealed the establishment of a new joint venture with the California State Teachers’ Retirement System for investment in industrial real estate in Toronto, Calgary and Edmonton. \u00a0The joint venture, FirstCal Industrial Canada L.L.C., has an initial total investment capacity of approximately…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1003693967","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n