First Industrial, CalSTRS grow capital for development

12/10/2007 | GlobeSt.com

FirstCal 3 LLC, a joint venture of the First Industrial Realty Trust Inc. in Chicago and the California State Teachers' Retirement System, have put up $222 million equity to leverage $500 million in credit facilities to invest in industrial real estate. The joint venture now has a capital capacity of $1.6 billion and already has acquired a "large amount of land," which it can develop.

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