LOS ANGELES – One of the largest domestic public pension plans, the California State Teachers' Retirement System, has acquired a two-million-square-foot industrial portfolio for $320 million.
The institutional-quality portfolio comprises 11 buildings situated across five properties. The assets are located throughout Southern California in Moreno Valley, San Bernardino and Rialto.
The portfolio is currently 45% leased or agreed to terms.
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The transaction is expected to be finalized later this month. CalSTRS completed the transaction through Crow Holdings' investment management company.
"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," says Bob McClain, CEO of Crow Holdings' investment management company, Crow Holdings Capital.
This transaction follows Crow Holdings' recently completed sale of an eight-property, 4.7-million-square-foot industrial portfolio to PGIM.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
