By Dale Kasler
Published: Friday, Oct. 12, 2012 – 12:00 am | Page 6B
CalPERS is spending big money on a real estate deal again – but don’t call it a risky bet.
The pension fund is in discussions to buy Woodfield Mall in Schaumburg, Ill., the biggest mall in the Chicago area and one of the premier malls in the country.
At around $500 million, the purchase would be one of the priciest shopping mall acquisitions in years. In spite of the price tag, experts said it fits perfectly with CalPERS’ focus on steering its real estate dollars toward safe investments in the wake of the market crash.
“There are not many places on earth that provide as safe or steady a return” as Woodfield, said Dan Fasulo, managing director at Real Capital Analytics, a market research firm in New York.
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