FirstCal Industrial Canada, the joint venture between the $175 billion (€112 billion) California State Teachers’ Retirement System (CalSTRS) and First Industrial Realty Trust, has acquired 55 acres of developable land in Nisku, Alberta, Canada, a submarket of Edmonton.
The site, known as “First Park Nisku,” is located in close proximity to the Edmonton International Airport, with frontage along the Queen Elizabeth II Highway, the major highway connecting Calgary and Edmonton.
“Given its proximity to the airport and the highway network, First Park Nisku is a highly-visible location for suppliers to the energy industry or other sectors that need service center facilities, as well as firms requiring light industrial buildings,” Blair Sinclair, senior development officer for First Industrial’s Calgary/Edmonton office said in a statement. “Demand for industrial real estate continues to be strong in the Edmonton market,” he added.
The joint venture is planning to expand the infrastructure and utilities for the site as well as preparing it for vertical development with future development plans including build-to-suit facilities and select sales of land parcels to corporate customers.
FirstCal Industrial Canada was formed in January 2008 to target industrial property investments in the Canadian market. The joint venture focuses on build-to-suit and speculative developments as well as acquisitions of industrial facilities for repositioning.