CalSTRS, Primestor JV to Pursue Urban Retail Opportunities

WEST SACRAMENTO, CA-The California State Teachers’ Retirement System has launched a joint venture focused on urban retail properties in underserved communities—a partnership that has the potential of reaching $250 million in commitments.

CalSTRS, partnered with Dallas-based Sarofim Realty Advisors in 2004 to form the Community Retail Development Fund, which seeks to invest with local and regional partners on retail properties in underserved communities, and the fund has now identified Los Angeles-based Primestor Development Inc. to develop, redevelop and acquire retail properties with an eye toward establishing “a stable portfolio of core assets over time,” according to a prepared statement.