Jacksonville (Fla.) Police and Fire Pension Fund may create a real...

Jacksonville (Fla.) Police and Fire Pension Fund may create a real estate allocation, said John Keane, administrator. The $840 million fund’s only current real estate holding is its new headquarters building and the adjacent seven-story garage with a combined value of $2 million. The fund is getting a 15% return from the garage and has rented out two-thirds of the office building, which will generate a 12% to 14% annual return.