Florida to seek appraisal assistance

Florida State Board of Administration, Tallahassee, is seeking appraisal management administrators for real estate and alternative investments, whose duties include searching for and selecting independent appraisal firms, according to its invitation to negotiate.

The FSBA — which oversees $156.3 billion, including the $127 billion Florida Retirement System defined benefit fund — could hire more than one firm, according to the ITN.

Duff & Phelps is the incumbent for real estate appraisal management administration, John Kuczwanski, FSBA communications manager, said in an e-mail. Murray Devine Valuation Advisors is the incumbent for alternatives appraisal management.

Both Duff and Phelps, whose contract expires March 31, and Murray Devine, which has no term contract, can rebid, Mr. Kuczwanski added in his e-mail.

The ITN is available from the FSBA’s website. Responses are due Jan. 25. The FSBA expects to make a decision March. 1.

The Florida Retirement System defined benefit plan had $9.5 billion in real estate as of Nov. 30, according an FSBA report. The amount in alternatives was unavailable.