The public pension fund has invested $560 million, creating a partnership known as DP Industrial, a joint venture between CalSTRS and DP Partners, an industrial property developer based in Reno.
According to a CalSTRS representative, the pension fund has acquired the stake formerly owned by Lazard Freres Real Estate Investors. DP Partners has retained its ownership position in the partnership and will continue to handle the management, leasing and development activities for the properties.
The industrial venture consists of 105 warehouse-distribution and small office buildings totaling 17 million sf in Nevada, Indiana, Georgia, Pennsylvania and California.
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