CalSTRS joint venture expanded

CalSTRS and First Industrial Realty Trust expanded their joint venture, FirstCal 3, to a capital capacity of $1.6 billion, up from the $950 million set in July 2006, according to Sean O’Neill, senior vice president of investor relations at First Industrial. The $176 billion California State Teachers’ Retirement System, Sacramento, committed an additional $200 million in equity to the venture, which targets large, strategic land and property acquisitions in North America and develops them using 35% equity and 65% debt. CalSTRS spokesman Ricardo Duran could not be reached for comment.