First Industrial Realty Trust, Inc. has completed an agreement to develop a new build-to-suit facility for Canada Cartage Diversified System LP in Calgary, Alberta.
First Industrial will develop a 28,000 square foot truck terminal and create parking and staging for more than 400 tractor/trailers on the 13.5 acre site. The recently-acquired site, located at 4700-4750 102nd Avenue SE in the Eastlake Industrial Area, is less than a mile away from Canadian Pacific’s Calgary intermodal facility. First Industrial expects to begin development of the site in spring 2009.
First Industrial will complete the investment through its $285 million FirstCal Industrial Canada joint venture with the California State Teachers’ Retirement System (CalSTRS), the second-largest public pension fund in the U.S. CB Richard Ellis Investors is the advisor to CalSTRS on the venture.
“We are very pleased to be chosen as the developer of this critical facility for Canada Cartage to help them serve the logistics needs of their customers in the Calgary region,” said Blair Sinclair, senior development officer for First Industrial’s Calgary/Edmonton region. “This Eastlake area is a preferred location for light manufacturers and distributors, and this new terminal is an integral part of Canada Cartage’s long-term growth plans.”
“The new state of the art terminal and maintenance facility will support our 2010 expansion plans for our outsourced trucking fleet business model in the Southern Alberta market,” added Rick Dolinski, senior vice president, distribution of Canada Cartage. Through its balance sheet and joint ventures, First Industrial owns approximately 68 acres of land for future development in the Calgary/Edmonton region.