SAN FRANCISCO, Sept. 12, 2016 /PRNewswire/ -- GI Partners today announced that it has completed the acquisition of 1733 & 1833 Alton Parkway located in Irvine, California. The acquisition was made through DataCore, L.P. ("DataCore"), a $500 million fully discretionary core real estate fund managed by GI Partners on behalf of The California State Teachers' Retirement System ("CalSTRS").
The property is leased as a regional headquarters to a multinational defense contractor focused on providing avionics solutions and information technology systems to service both private and government customers. Together the buildings represent approximately 209,000 square feet of prime office and industrial space developed in 1972 and 1984; the property was substantially renovated in 2015.
"The Alton property represents DataCore's first acquisition in Irvine. We are pleased to gain access to this robust and growing market," commented Mike Armstrong, Principal of GI Partners. "The dynamism in the region is indicative of attractive long term prospects and the tenancy and use are consistent with our secular focus on technology real estate."
CalSTRS and GI Partners created DataCore in 2012 as a core investment vehicle to invest in technology-advantaged real estate in the United States, including data centers, internet gateways, corporate campuses for technology tenants, and life science properties, located in primary markets and leased to industry-leading tenants. Since inception, DataCore has acquired approximately 3 million square feet of properties throughout the United States.
The California State Teachers' Retirement System, with a portfolio valued at $193.4 billion as of July 31, 2016, is the largest educator-only pension fund in the world. CalSTRS administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and voluntary defined contribution plans. CalSTRS also provides disability and survivor benefits. CalSTRS serves California's nearly 900,000 public school educators and their families from the state's 1,700 school districts, county offices of education and community college districts.
About GI Partners
Founded in 2001, GI Partners is a leading private investment firm based in San Francisco, California. The firm currently manages over $12 billion in capital commitments through private equity and real estate strategies for recognized institutional investors, including some of the largest state and sovereign pension funds in North America, Europe, Australia, Asia, and the Middle East. GI Partners' real estate team invests across a number of property types and investment strategies, including industrial, apartments, life sciences, and technology-oriented data centers and corporate campuses. For more information on GI Partners, please visit www.gipartners.com.
Chris Tofalli Public Relations
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/gi-partners-announces-acquisition-of-1733--1833-alton-parkway-in-irvine-california-300325841.html
SOURCE GI Partners