First Industrial Realty Trust, Inc. announced that it has acquired a 356 acre land parcel in the Dallas market for its Strategic Land and Development Joint Venture, FirstCal 3, LLC, with the California State Teachers’ Retirement System (CalSTRS), the second-largest public pension fund in the nation.
First Industrial will develop the new “DalPort Business Park” on the site, which is strategically located near a recently opened intermodal facility and major trucking routes. First Industrial will initially develop a 500,000 square-foot speculative warehouse, and the new park will have capacity for total development exceeding six million square-feet.
The land acquisition marks the first investment for the recently formed joint venture, which invests in strategically located land parcels and vertical development in markets that are projected to benefit most from supply chain reconfiguration, international trade, demographic trends and economic expansion.
“This land investment is perfectly suited for our Strategic Land and Development venture with CalSTRS due to its ideal location in the key hub market of Dallas,” said Johannson Yap, chief investment officer of First Industrial. “We plan to maximize the value of the investment through a combination of build-to-suits for corporate clients and speculative development to meet anticipated customer demand fueled by increasing international trade.”
“We look forward to developing this property in the emerging South Dallas County submarket that is rapidly expanding due to increasing inland port and rail activity,” said Terry Darrow, senior development officer of First Industrial’s Dallas-Fort Worth region. “The site will provide customers with logistics flexibility given its location adjacent to Interstate 45 and proximity to a recently-opened intermodal facility and Interstate 20, a major East-West trucking route.”