Florida State Board of Administration, Tallahassee, is seeking real estate appraisal administrator firms, whose duties will include searching for and selecting independent appraisal companies, according to the board’s invitation to negotiate.
The ITN is available at http://www.sbafla.com.
Proposals are due Oct. 29. The board expects to make a decision on selections Nov. 23.
The FSBA oversees $133.7 billion, including the $111 billion Florida Retirement System, which has $7.4 billion in real estate. As of June 30, 69% of its real estate assets were directly owned or part of joint ventures while the rest was in commingled and real estate investment trusts, said Dennis D. MacKee, FSBA communications director.
The appraisals are for the FSBA’s direct- and joint-venture-owned real estate, including retail, industrial, office, housing and agricultural properties, said Mr. MacKee. The investment managers for the properties listed in the ITN are Heitman, Invesco, L&B Realty Advisors, Hancock and Prudential.