Thursday, May 4, 2017

High Street Raises $350 Million for Core-Plus Industrial Fund

High Street Realty Co. held final close on its High Street Real Estate Fund V reaching total equity commitments of $353 million.

Utilizing leverage of 50%, Fund V will seek to acquire $700 million of assets in its target markets.

San Francisco-based High Street Realty formed the fund to continue acquiring smaller warehouse distribution assets in the eastern two-thirds of the US, with a specific focus on Class A and B infill properties fulfilling regional and “last mile” logistics requirements.

Fund V will target primary distribution markets, including Chicago, Northern New Jersey, Central Pennsylvania, Atlanta, Florida and Texas.

The fund attracted capital from existing investors and several new top-tier, institutional investor relationships. Investors include insurance companies, public and corporate pension funds, foundations and other institutional investors from Europe.

To date, Fund V has acquired 19 assets that, in aggregate, represent approximately 34% of its total commitments.

Its most recent purchase occurred in March when it acquired three industrial properties in Morrow, GA, as part of the Southlake Distribution Centers from UBS Realty Investors LLC for $31.45 million, approximately $39 per square foot. Great-West Life & Annuity Insurance Co. provided $16.25 million in purchase financing.
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