IE Business Daily Business news for the Inland Empire.
The California State Teachers’ Retirement System has purchased an 11-building industrial portfolio in the Inland Empire for $320 million.
Forty five percent of the properties are either leased or their owners have agreed to terms, according to a statement released by Crow Holdings, a Dallas real estate investment and development company that helped negotiated the deal.
The buildings, in Moreno Valley, San Bernardino and Rialto, are either 45 percent leased or have agreed to terms. The transaction is expected to be completed next month.
“This portfolio is attractive because of its geographic concentration within Southern California and the upside of leasing momentum already underway, providing both cash flow and capital appreciation,” said Bob McClain, chief executive officer of Crow Holdings’ investment management company, in the statement.
The California State Teachers’ Retirement System, commonly known as CalSTRS, is one of the largest domestic public pension plans in the United States. It manages a portfolio estimated at $287 billion and has approximately 975,000 members, according to www.calstrs.com.
