X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

VAUGHAN, ONTARIO-First Industrial Realty Trust has purchased 61 acres of land for future development in the Toronto market. Based in Chicago, the company specializes in industrial real estate and supply chain properties. Company officials would not disclose the purchase price.

“As the fourth largest industrial market in North America, Toronto is a critical distribution hub for Ontario, Northwestern Quebec, and the Northeastern US,” company spokeswoman Anne Barer tells GlobeSt.com “There are excellent opportunities for investment due the strong demand for industrial space and limited vacancy in the market.

First Industrial purchased the land as a future development site to accommodate demand for build-to-suit and speculative distribution centers or other industrial facilities. The parcel is located in the emerging Highway 247 Corridor, one mile south of the Greenbelt, which circles the Greater Toronto area. “Due to its proximity to the major highways and Canadian Pacific Railroad’s largest intermodal facility, this land site is ideally located to serve customers’ supply chain needs in this market,” says David Carreiro, regional director for First Industrial’s Toronto office.

The acquisition is First Industrial’s first land investment in the Toronto market. However it has purchased buildings in the area. In 2005 and 2006, it purchased four Toronto buildings through sale-leaseback portfolios, according to Barer. In total, First Industrial owns, manages, and has under development more than 100 million sf of industrial across more than 30 markets in the US, Canada, the Netherlands and Belgium.

First Industrial has increasingly been exploring opportunities in Canada. In January, First Industrial formed a new $285-million joined venture, called FirstCal Industrial Canada, with the California State Teachers’ Retirement System.

The new venture will invest in a wide range of industrial real estate that is projected to benefit from several growth trends: rising international trade, growing demand among customers to reconfigure their supply chains, and increasing use of intermodal facilities to transport goods. Investments will be made in strategically located land parcels for build-to-suit and speculative development, as well as acquisitions of industrial facilities to be redeveloped, repositioned and leased. CB Richard Ellis Investors is the advisor to CalSTRS on this venture.

“The Toronto, Calgary, and Edmonton markets offer multiple investment opportunities ranging from new development to acquisitions due to strong demand and limited vacancies in these markets,” says Johannson Yap, First Industrial’s CIO.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.