CalSTRS is acquiring a five-property industrial portfolio in Southern California for $320 million from Crow Holdings, Thomas Lawrence, spokesman for the $286.9 billion pension plan, confirmed in an email.
California State Teachers' Retirement System, West Sacramento, is moving to make more direct investments under its "collaborative model." CalSTRS has made most of its real estate commitments in control strategies, including joint ventures and separate accounts, since 2011, according to its most recent semi-annual real estate report. In 2020, it committed $2.5 billion to control strategies compared to $1.04 billion to commingled funds.
The portfolio it is buying from Crow Holdings is contains 11 buildings, amounting to close to 2 million square feet of space. Currently, 45% of the portfolio is either leased or Crow has agreements in process. CalSTRS officials declined comment beyond confirming the details of the transaction.