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CalSTRS invests $200 million in real estate
The $167.2 billion California State Teachers’ Retirement System (CalSTRS) committed $200 million to two noncore real estate ventures during the first quarter 2013.
According to the CalSTRS Real Estate Quarterly Activity Report, the pension fund invested $125 million in its Community Retail Development Fund, a value-added program managed jointly with Sarofim Realty Advisors. The venture was established in 2004, and invests with local and regional partners to provide retail properties to underserved communities, specifically in highly populated, urban Hispanic markets, located in California and the Western United States. The partnership made its first acquisition in 2012. Los Angeles–based