The focus of the new fund, according to Fishman, is "the acquisition and repositioning of distressed residential and commercial, both existing buildings and vacant land, with a plan to maximize values through rezoning, redevelopment, resolution of environmental issues or aggregation of adjacent parcels" He adds that properties are acquired through traditional methods, as well as such non-traditional sources as bankruptcies, public/private partnerships and special situation workouts. "Ultimately, the fund utilizes a one- to two-year event horizon."

The fund already has several projects under way, including 54.5 acres in East Windsor, NJ, for which Dornoch Holdings is seeking approval for seven commercial buildings totaling 214,500 sf, with an estimated build-out value of more than $15 million. The fund has also acquired Michael's Plaza, an 11,000-sf retail strip in Hightstown, NJ as part of a larger bankruptcy; and a 2.6-acre parcel in New Brunswick, NJ targeted for 56,000 sf of medical condos with a total estimated sell-out value of $11.2 million.

Other projects include a 17,500-sf commercial building in Roselle, NJ; a two-story retail/residential property in Rahway, NJ; and an industrial building in Passaic, NJ.