Pension funds are still bullish on commercial real estate, but many are pulling back on investments from the underperforming office sector and shifting their resources to in-demand CRE assets including industrial, housing, life science and infrastructure.
The California State Teachers' Retirement System (CalSTRS) has been selling office buildings in its $312B investment portfolio and adding industrial, residential and infrastructure assets in 2022.
Last month, CalSTRS acquired a newly built 1.2M SF warehouse in Mesa, AZ for $167M from Scottsdale-based Marwest Enterprises. The facility, known as Elliot 202, has been pre-leased by Amazon.
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