(Read more on the industrial market.)

CHICAGO-First Industrial Realty Trust Inc., based here, and the California State Teachers’ Retirement System (CalSTRS) are joining together in another venture that will focus on industrial properties in Canada. The total investment capacity of the fund is $285 million.

The term for the joint venture is 10 years, with the capital being recycled into the venture as properties are sold. CalSTRS will initially contribute up to $90 million, with First Industrial contributing up to $10 million. The projected capitalization is 35% equity and 65% debt. The lead lender will be WestLB AG, New York City branch, and CB Richard Ellis Investors is advising CalSTRS in the venture.

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