First Industrial Realty Trust has acquired 134 acres of land for future development outside of Orlando, Florida. The site, known as “First Park Groveland,” will be developed through First Industrial’s development and repositioning joint venture with the $175 billion California State Teachers' Retirement System (CalSTRS).
Located northwest of Orlando, the site is adjacent to the Christopher C. Ford Commerce Park, an industrial park developed by Lake County. It also features frontage on US Highway 27, a major connection between Orlando and Interstate 75.
Initial plans for First Park Groveland include expanding the infrastructure and utilities as well as preparing the site for vertical development. Future development plans include build-to-suit and speculative facilities or select land parcel sales to strategic corporate customers.
Earlier this year, the California pension entered into a $200 million (€130 million) industrial property joint venture with Sealy and Company to acquire and develop industrial projects in the US. As part of the arrangement, Principal Real Estate Investors, the property investment arm of Principal Financial Group, would identify opportunities in the south of the country.
CalSTRS also recently made commitments to two separate funds managed by First Industrial. It also committed an initial $150 million to a European joint venture targeting logistics assets in the Netherlands and Belgium and an initial $90 million to a Canadian joint venture.