The California State Teachers' Retirement System on Thursday bought out its partners' 10% interest in four joint ventures it entered into with REIT First Industrial Realty Trust in 2005, Ricardo Duran, spokesman for the $129.7 billion West Sacramento-based system, said in an e-mailed response to inquiries.
“The move was done to achieve full control of the properties because CalSTRS felt there was not a full alignment of interest between partners,” said Mr. Duran, who declined to provide details.
Art Harmon, director, investor relations and corporate communications, Bruce Duncan, president and CEO, and Richard Prokup, senior vice president at First Industrial, could not be reached for comment.
Mr. Duran could not provide performance figures for the joint ventures. Real estate return information will not be available until CalSTRS' investment committee's Sept. 2 meeting, he said.