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DivcoWest, CalSTRS Form New $300-Million CRE Venture
DivcoWest Real Estate Services, LLC entered into a new $300-million venture with the California State Teachers’ Retirement System (CalSTRS). The joint venture will focus on acquiring core and core plus commercial real estate assets in growth-oriented markets throughout the United States.
Investment activities will concentrate on CRE opportunities in targeted markets that are characterized by strong local economies and highly qualified workforces, as well as those with substantial tenant bases in dynamic, new economy industries. Cities in five states plus the District of Columbia have been identified as target markets. In California, they include San Francisco (including the greater Bay Area), Los Angeles and San Diego. Other target markets include Seattle, Boston, New York, and Austin.
It is not the first collaboration involving the two entities. DivcoWest and CalSTRS have a 15-year history of investing together, involving more than $1.5 billion in CalSTRS commitments.
CalSTRS’ Mike DiRé says, “We continue to commit capital to DivcoWest not only because of our partnership’s financial success, but because they’ve earned our trust over a long period of time.”
* Pictured 1300 S. El Camino, San Mateo, CA
For comments, questions or concerns, please contact Dennis Kaiser
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