By Jon Peterson
Washington State Investment Board has approved a new $500 million allocation to Chicago-based Calzada Capital Partners LLC to invest in real estate operating companies (REOCs) on a global basis, according to information provided by the pension fund.
Calzada did not respond to emails seeking comment for this story. The company does have a West Coast presence as it holds a regional office in San Francisco at 44 Montgomery Street, according to its website
The relationship between WSIB and Calzada dates back to 2013. Over that time the pension fund had issued total commitments of $4.3 billion, according to the investor. This amount of capital does not include the new commitment. The return on the total relationship since inception has been a 14 percent annualized return.
The new capital could be invested in two ways. One way could be to invest additional capital in REOCs with which Calzada already has a relationship. Another could be to start new relationships with other companies.
Calzada now invests in a total of 11 companies, according to its website. Five of these companies have an active presence along the West Coast.
One of the companies in which Calzada invests is the Chicago-based Hometown America, which is known as a major player in acquiring and managing manufactured housing. It has assets in many areas of the country including the San Francisco Bay Area, Southern California and both Portland and Seattle.
Another one of the firms, Pivotal Capital Group, partnering with Calzada has a real estate debt strategy. The Ladera Ranch, Orange County-based firm provides financing for real estate development firms that construct residential housing across the state of California. The firm is active in both the northern and southern parts of the state.
Calzada in the past has also invested with two firms that are focused on retail assets. One of these is Plaza Fiesta based in Denver. It owns and operates daily-needs retail properties in markets with dense and growing Hispanic populations. Its portfolio has a number of assets in the San Francisco Bay Area, Southern California, Portland and Seattle. The other retail entity is TRC, which is based in Newport Beach. It acquires and managers retail properties in northern and southern California.
Calzada has an active relationship with is Seattle-based Washington Holdings. This company acquires, develops and manages multi-family, hotel and R&D assets on the West Coast. Its active in Southern California, the San Francisco Bay Area, Portland and Seattle.