First Industrial Realty Trust, a provider of industrial real estate supply chain solutions, has formed a new joint venture, FirstCal Industrial Europe, LLC, with the California State Teachers' Retirement System (CalSTRS), the second-largest public pension fund in the United States with a EUR 119 bn ($175 bn) portfolio. According to the company announcement, the venture will serve a wide spectrum of customer needs by investing in various types of real estate: land for build-to-suit and speculative development, existing industrial facilities to be redeveloped, repositioned and leased, and sale-leasebacks. CB Richard Ellis Investors is the adviser to CalSTRS on this venture.
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