$950 Million for Strategically Located Miami-Dade Real Estate
First Industrial Realty Trust has made its first investment in Miami-Dade real estate. The largest provider of diversified industrial real estate in the country announced on August 31st that it had purchased the Flagler Station Business Park, formerly the Beacon Station Business Park, on behalf of FirstCal. "FirstCal is a $950 million joint venture between First Industrial and the California State Teachers Retirement System (CalSTRS) that invests in the development and repositioning of industrial real estate, including land."
FirstCal´s new Miami-Dade real estate is fully entitled and developable. Plus, its excellent location provides easy access to major roads, including the Florida Turnpike, I-95 and I-75, and the Miami-Dade International Airport.
Jeremy Shapiro, First Industrial´s senior regional director in Miami, called the company´s new Miami-Dade real estate investment a strategic move as it is located in a part of Florida where developable industrial land is scarce. He also added, "We can now offer customers a build-to-suit opportunity in the 156,000 square-foot range in one of the most prestigious, strategically-located business parks in South Florida."
FirstCal´s new Miami-Dade real estate is fully entitled and developable. Plus, its excellent location provides easy access to major roads, including the Florida Turnpike, I-95 and I-75, and the Miami-Dade International Airport.
Jeremy Shapiro, First Industrial´s senior regional director in Miami, called the company´s new Miami-Dade real estate investment a strategic move as it is located in a part of Florida where developable industrial land is scarce. He also added, "We can now offer customers a build-to-suit opportunity in the 156,000 square-foot range in one of the most prestigious, strategically-located business parks in South Florida."
