Pembroke Pines (Fla.) Fire and Police Retirement System hired American Realty Advisors and BlackRock Realty to run $5 million each in core real estate, subject to contract finalization, according to Karen Warner, plan administrator. The board approved the selections at a meeting Thursday. The fund will also hire two more managers to run an additional $10 million combined in alternative real estate; Consultant Dahab Associates is compiling a list of candidates. Additional manager presentations probably won't take place before the end of the year, Ms. Warner said.
These are the $208 million pension plan's first real estate investments; the board is seeking greater diversification in the plan's overall portfolio. Funding will come from a general rebalancing and cash. Dahab issued a real estate RFP in July.