Florida State Board of Administration (SBA) has acquired a $177m (鈧�148.7m) life science office building project in San Carlos, California.
As part of real estate transactions disclosed in a meeting document, the pension fund said it bought Brittan West, a 173,757sqft building project expected to be completed in two years.
Florida SBA provided $80m for the acquisition with construction loan funded through Pacific Western Bank.
L&B Realty Advisors was the separate account manager on this acquisition.
Paul Noland, a vice president of acquisitions with L&B, said: 鈥淲e think that the San Carlos market is an already established life science market based on the assets that are already there.鈥�
Noland said there is currently five million square feet of tenant demand with only two to three million square feet of new product being created in the US.
L&B is looking for additional US life sciences assets to buy in areas like Boston/Cambridge, Northern California, Seattle and San Diego.
Florida SBA said it has also acquired the 90,598sqft Brookfield Commons medical office building in Richmond, Virginia through its separate account manager . The asset was acquired for $31m with $16m of equity coming from the pension fund.
The pension fund also sold a four-property student housing portfolio with Heitman for $197m according to the meeting document.
The properties, located in Nevada, Missouri, Mississippi and Orlando, were acquired by the pension fund from 2013 to 2016 for a total of $157.3m.
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