IRVINE, CA-First Industrial Realty Trust of Chicago has expanded its Southern California holdings with the purchase of more than 38 acres in Moreno Valley, the first of four parcels being assembled to create a 75-acre industrial park. Phil Bowman, a First Industrial SVP based in the company's Irvine office, tells GlobeSt.com that the company expects to close on the remaining parcels for the industrial park by the end of June.

The First Industrial project is planned for a site at Indian Street and Iris Avenue and will most likely comprise three buildings that will total about 1.3 million sf to 1.5 million sf. The REIT, which expects to break ground in 2008, may also sell off some smaller parcels at the site, Bowman tells GlobeSt.com.

First Industrial plans to offer the buildings for lease or sale, and it will also consider build-to-suits at the development site, which the REIT chose both for its location and for its size. With the addition of the 38.24 acres, First Industrial now has 280 acres with nearly six million sf of development potential in the Inland Empire.

The Inland Empire holdings are part of a Southern California portfolio that includes other properties in Los Angeles and San Diego counties. Those holdings include completed buildings as well as land for development.

The land acquisition was brokered by the CB Richard Ellis team of Ian Devries, Kevin McKenna and Grant Ross, who represented both the buyer and the seller. CBRE will also be the listing agent for sales and leasing of the buildings at the new development.