CalPERS sells downtown Sacramento land at 301 Capitol Mall

CalPERS has sold its parcel of land at 301 Capitol Mall in downtown Sacramento, concluding a nearly two-year effort sparked by a changing focus in its real estate portfolio.

The property was sold to the Shingle Springs Band of Miwok Indians of Placerville, Calif. CalPERS, along with its investment partner and consultant, believed the undeveloped land no longer fit the strategic goals of the pension fund’s real estate program.

During the past decade, CalPERS has shifted its real estate investments from development and growth to provide diversification, a stable cash yield, and inflation protection.

“This sale is in the best interest of our members and our portfolio,” said CalPERS Chief Executive Officer Marcie Frost. While we would have taken pride in the successful development of 301 Capitol Mall, we have a fiduciary duty to our members, and selling is the right decision.”

Over the years, CalPERS and its real estate partners considered several ide