First Industrial Realty provides update on Calif. teachers’ JV, Ficker

First Industrial Realty provides update on Calif. teachers’ JV, Ficker First Industrial Realty Trust said it would raise to $1.6 billion the potential funding capacity of its joint venture with the California State Teachers’ Retirement System (CalSTRS) that is focused on buying large plots of land for distribution centers, logistics parks and other facilities related to international trade and supply chain development.
   The two organizations established FirstCal 3 as a limited liability company in July 2006 with $950 million. Calpers is the second-largest public pension fund in the nation. The new investment capacity of $1.6 billion is the rough limit set for the venture’s duration through 2016, and will be increased incrementally as the company reinvests proceeds as properties are sold, First Industrial said.
   The California teachers’ fund has 90 percent of the equity portion of the venture, which is structured to use 65 percent debt to fully finance any deals. The fourth enhancement of the venture included an addition investment of $200 million by CalSTRS and $22 million by venture manager First Industrial Realty.
   At the end of the third quarter, the venture had more than 1,400 acres representing potential development of more than 20 million square feet of industrial space, according to First Industrial.
   Meanwhile, First Industrial announced that John Ficker, who recently resigned as president of the National Industrial Transportation League, will be vice president, supply chain solutions.
   Ficker will be responsible for planning and implementing supply chain strategies for ocean carriers, commercial air, rail lines and trucker.
   Shippers’ NewsWire first reported Ficker was joining First Industrial when he notified the NIT League two weeks ago that he was stepping down.
   “John brings a wealth of knowledge, experience, and thought leadership in logistics and the transportation industry and is an expert at understanding the drivers of companies’ evolving supply chains,” said Michael W. Brennan, president and chief executive officer of FIRT. “We look forward to his contributions to our growth, as we develop targeted land positions that will satisfy customer demand as they expand or refine their supply chains to become more competitive.” ' Eric Kulisch