SAN FRANCISCO, Dec. 1, 2015 /PRNewswire/ -- GI Partners announced that it has completed the acquisition of 5353 West Bell Road located in Glendale, Arizona. 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").
Developed in 1981 and last renovated in 2006, 5353 West Bell Road is a high-quality, two-story property totaling 206,155 square feet. The property is fully occupied on a long-term basis by CSAA Insurance Group, a AAA insurer, which has enhanced the building significantly with several amenities and infrastructure components to support key office, operations and data center uses onsite.
"We are very pleased to start a long-term relationship with such a highly regarded company as CSAA Insurance Group through the acquisition of 5353 West Bell," commented Michael Wong, Director of GI Partners. "The greater Phoenix area continues to see strong growth in overall technology-related employment and investment levels, and the company's use of the facility as an operations center makes it a great addition to DataCore."
CalSTRS 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 1.5 million square feet of properties throughout the United States.
About CSAA Insurance Group
CSAA Insurance Group, a AAA Insurer, offers automobile, homeowners and other personal lines of insurance to AAA members through partnerships with AAA clubs in 23 states and the District of Columbia. Founded in 1914, CSAA Insurance Group is rated A+ by A.M. Best, the leading insurance credit ratings organization, and is one of the top 20 personal lines property casualty insurance groups in the United States according to the National Association of Insurance Commissioners. The company was also named one of the 50 most community-minded companies in America by Points of Light in 2014.
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.
The California State Teachers' Retirement System, with a portfolio valued at $188 billion as of October 31, 2015, 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, as well as disability and survivor benefits. CalSTRS has served California's public school educators and their families, who today number nearly 879,000 from the state's 1,700 school districts, county offices of education and community college districts.
Contact: Chris Tofalli
Chris Tofalli Public Relations
SOURCE GI Partners