SAN BERNARDINO, CA—A joint venture of Artemis Real Estate Partners and CT Realty Investors have purchased a 225,000-sq.-ft. industrial building here from Loma Linda University in a sale-leaseback transaction for a reported $11.9 million.

The $300 million New York Common State Retirement Fund’s emerging manager program sponsored the sale. CT Realty Investors has been approved by NYSCRF as an industrial operating partner in the emerging manager program focused on the Southern California region. The emerging manager program is structured for the fund to invest with best-in-class operating partners who have market and product expertise. In October 2011, the Office of the New York State Comptroller Thomas DiNapoli announced that the fund had allocated $300 million to Artemis as its initial investment in a new real estate component of the fund’s emerging manager portfolio.

The fully leased industrial property at 1333 South Tippecanoe Ave. here was purchased in an all cash acquisition for a five-year term. CT Realty has retained the right to terminate the lease early to facilitate a 400,000-square-foot build-to-suit opportunity on the 19-acre site. The property is located in one of the most desirable locations in the Inland Empire and is consistent with CT Realty Investors’ strategy to aggregate a Southern California portfolio of high-quality industrial assets,” said James Watson, CEO of CT Realty, in a statement.