The fund will focus on acquiring mid-sized properties, one typically in need of redevelopment, repositioning or restructuring. It is looking for deals in the $10-million to $100-million range that require individual equity investments of $5 to $25 million.
As for geographic dispersion, the group seeks to assemble portfolios of properties within six to eight metropolitan markets, the strategy being economies of scale in both the acquisition and management of properties. The markets are Phoenix, Denver, Northern New Jersey, Raleigh-Durham, Atlanta, Houston and Dallas.
Petrus president Frank Walter tells GlobeSt.com that the fund has closed on its first two acquisitions, the 110,000-sf SpectraSite Communications headquarters building at 400 Regency Forest Dr. in Carey, NC, and a controlling interest in the 300,000-sf, four-building headquarters of Unilever North America at 700 Slyvan Ave. in Englewood Cliffs, NJ. Both properties are occupied under short-term leases, Walter says.
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