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Real‑estate managers tell Imperial County retirement board they are shifting into industrial, residential and alternatives
Summary
Three external managers and the system's investment consultant updated the Board on portfolio positioning, saying they reduced office and increased industrial, multifamily and niche real‑estate exposure and highlighting income growth and development/entitlement risk.
American Realty Advisors, ASB Capital Management and Clarion Partners presented updated strategies for the retirement system's real‑estate allocation and said they have been moving away from office and toward industrial, residential and alternatives including life sciences and self‑storage.
The presentations came during the regularly scheduled Imperial County Employees' Retirement System (ISERS) meeting on Sept. 17, 2025, at the Imperial County Administration Center. Managers reviewed performance, deployment strategy and risks as the board considers allocations and manager oversight.
Managers told the board that a combination of sector repositioning, active asset management and opportunistic capital should produce income growth and value creation as interest rates and demand dynamics stabilize.
American Realty Advisors characterized its portfolio as a value‑to‑core strategy that buys underperforming, non‑core assets, improves them and sells to core buyers once income and risk profiles are stabilized. Portfolio manager Josh Brodsky said the approach is to "derisk the investment" and "create a lot of…
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