Florida SBA unveils core, noncore, real estate-debt investments

The State Board of Administration (SBA) of Florida has invested in three noncore real estate joint ventures, one core joint venture and one real estate-debt fund, according to a new managers report for fourth quarter 2022.

Florida SBA made separate commitments of $123 million and $70 million to the noncore KCS Icebox Venture, managed by L&B Realty Advisors; $136 million to the noncore Foundry Phase V, and $50 million to Foundry Lakeside Station, both managed by Core and Value Advisors (Stockbridge); and $65 million to the core Montecito 300 Ventures II, managed by Heitman Capital Management.

The pension fund also committed $150 million to Torchlight Debt Fund VIII, a closed-end, value-add fund managed by Torchlight Investors. The fund will focus on debt and CMBS in the multifamily, industrial, hotel, retail and CBD office sectors of the United States. As of January, the investment vehicle had