New Jersey Division of Investment, Trenton, identified the portfolio of up to 25 real estate limited partnership interests from about 16 managers that it is selling in a secondary deal beginning this month.
The funds involved are managed by about 16 managers including interests in three funds of CBRE Global Investors, CIM Group, Hunt Realty Partners, J.P. Morgan Asset Management, TA Realty Associates and Walton Street Capital, according to materials prepared for the July 11 meeting of the New Jersey State Investment Council.
The portfolio, which New Jersey Division of Investment is selling for about $925 million to NorthStar Realty Finance and Goldman Sachs Asset Management represents about 27.36% of the division's real estate portfolio.
The division's limited partnership interests in TA Realty Associates Fund IX — worth $103.5 million as of Sept. 30 — represents the largest percentage of the division's portfolio being sold, some 3.06% of New Jersey's real estate portfolio.
The next biggest is Five Mile Capital Partners II worth $72.9 million as of Sept. 30, which represents 2.16% of the real estate portfolio.
Among others included in the sale are limited partnership interests in:
- CBRE Strategic Partners European Fund;
- CBRE Strategic Partners IV;
- CBRE Strategic Partners US Opportunity V;
- CIM Urban REIT;
- CIM Real Estate Fund III;
- J.P. Morgan Alternative Property Fund II;
- L&B Diversified Strategy Partners;
- LaSalle Asia Opportunity Fund III;
- MacFarlane Urban Real Estate Fund II;
- Prudential Latin America Residential Fund III;
- RREEF Global Opportunity Fund II;
- Silverpeak Legacy Partners III (f/k/a Lehman Brothers);
- TA Realty Associates Fund VIII;
- Walton Street Mexico Fund;
- Walton Street Real Estate Fund V;
- Walton Street Real Estate Fund V-side car; and
- Walton Street Real Estate Fund VI.
The division's plan, outlined in a September meeting, was to sell a portfolio of real estate limited partnership interests that “that are not strategic to the future development of the NJDOI real estate program,” according to the same agenda materials.