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Third FirstCal JV To Invest $950M Near Ports

CHICAGO-First Industrial Realty Trust Inc. and CalSTRS form third joint venture. The initial investment capacity of the venture is $950 million and has the potential to reach $1.6 billion.

By Dana Dubriwny | Updated on July 25, 2006

(To read more on the debt and equity markets, click here.)

CHICAGO-First Industrial Realty Trust Inc. has formed a third joint venture with California State Teachers’ Retirement System (CalSTRS). Known as FirstCal 3, LLC, the venture will invest $950 million in strategically located land and vertical development near coastal and inland ports.

“Sourcing competitive private capital is an important part of our strategy,” says Mike Brennan, president and chief executive officer of First Industrial. “Our new joint venture will accelerate the long-term growth of our business as we acquire strategic sites and develop new facilities for our expanding customer base.”

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