CalSTRS joins the California Public Employees' Retirement System, which agreed last October to invest $125 million in the fund, as previously reported by GlobeSt.com. The two commitments bring the total to $180 million, nearly half of what the fund is targeted to accept by its final closing date of July 1, 2001. The fund will use the money to target investments in commercial and residential projects in urban areas throughout California.
"CalSTRS' commitment to this fund is based on a number of factors, including CIM's experience and track record with urban developments," says Christopher Ailman, CalSTRS' CEO. "We expect that CIM and our other urban investments will benefit from the national trend back toward urban living." Indeed, many Southland cities are turning toward infill sites, in reaction to the shrinking supply of available land.
CIM has been involved with a number of Southland redevelopment projects, including San Diego's Gaslamp District, Old Town Pasadena and Santa Monica's Third Street Promenade. The Downtown Brea/Birch Street project, in which CIM played a major role, recently won an Award of Excellence from the California Redevelopment Association.
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