Multimillion-square-foot distribution center planned for Perris

Multimillion-square-foot distribution center planned for Perris Chicago, Ill.-based First Industrial Realty Trust said Tuesday it is has acquired 205 acres of land in Perris.
   First Industrial plans to build up to 3.3 million square feet of logistics distribution space at the new “South Perris Distribution Center” situated along the burgeoning south Interstate 215 corridor. This investment is being completed through First Industrial’s development and repositioning joint venture, FirstCal 1, with the California State Teachers’ Retirement System.
   Located about 75 miles east of downtown Los Angeles, the Perris, Riverside, and San Bernardino areas have undergone a rapid transformation in the past decade from a quiet desert area to a booming industrial property. Dozens of distribution centers dot the I-215 highway, with companies turning to the area as the price of large land tracts in the Los Angeles basin forced them out.
   In extolling the virtues of the purchase, Industrial Realty cited the location's proximity to the ports of Long Beach and Los Angeles, major highways, rail hubs and air transportation.
   First Industrial owns, manages or has under development about 4.6 million square feet of industrial properties in California. The company also has 440 acres of developable land in the state, largely in Southern California, expandable to an additional 8 million square feet. The firm owns or manages more than 100 million square feet of industrial space in the United States and Canada.