First Washington Realty, a US retail real estate-focused investment manager backed by the California Public Employees’ Retirement System (CalPERS), has acquired a community shopping centre in Washington from the Los Angeles County Employees Retirement Association (LACERA) for $61.4m (€53.5m).
According to public records, First Washington Realty has completed the acquisition of the 123,562sqft Evergreen Village community shopping centre in Bellevue.
First Washington made the transaction through its Global Retail Investors joint venture partnership with CalPERS.
As of June last year, CalPERS valued the partnership at $4.7bn, with the portfolio generating a 6.1% one-year total return.
Sarah Ellis, managing director of investments at First Washington Realty, said: “Evergreen Village is exactly the kind of property we look for. It’s a grocery-anchored centre in a well-established neighbourhood, and Safeway has been serving the Bellevue community for over 50 years.
”We’re excited about what we can do here, in terms of both near-term leasing and long-term strength of the market.”
The sale by LACERA supports the pension fund’s ongoing portfolio repositioning.
The pension fund is winding down its separate account holdings to redeploy capital into a wider mix of core and non-core funds, targeting increased diversification across its real estate exposure.
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