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ONLINE EXCLUSIVE: Industrial REIT Taps Western Money for Eastern Projects

First Industrial Realty Trust Inc. is developing numerous projects in Central Florida through a joint venture with CalSTRS.

By Carl Cronan | Updated on March 20, 2008

East Coast vs. West Coast rivalries have more bearing in sports and music circles, yet they seem to have the opposite effect within one cross-country commercial real estate partnership.

First Industrial Realty Trust Inc., a Chicago-based REIT, is developing numerous projects in Central Florida through a joint venture with the California State Teachers’ Retirement System, also known as CalSTRS. The latest result is the purchase of 134 acres along US 27 in Lake County, north of Orlando, for the development of an industrial project dubbed First Park Groveland.

CalSTRS, the nation’s second-largest public pension fund with a $175-billion portfolio, is also partnering with First Industrial on several other projects within Central and Southwest Florida, including two new buildings at First Park Brandon, east of Tampa.

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