(Carl Cronan is editor of RealEstate Florida.)

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TAMPA, FL-Miami-based Adler Group Inc. has acquired the15-building Breckenridge Park complex here as its second purchasefrom a discretionary fund formed earlier this year. The$100-million fund, seeded by an unnamed European investor, seeks tobuy income-producing commercial properties in and beyondFlorida.

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Breckenridge Park, which totals 332,582 sf of class A office andindustrial space at Interstate 4 and US 301 on Tampa's east side,was bought from Americas Capital Partners, also based in Miami, for$28.4 million. In August, Adler Group paid $31 million from thefund for an 11-building portfolio near Naples.

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"With the current market conditions, it is important to havediscretionary funds available in order to acquire high-qualityassets at reasonable pricing," says Michael Adler, chairman and CEOof Adler Group. The Helios AR Real Estate Fund I will invest inmulti-tenant office, flex, industrial and retail in the Southeastand Mid-Atlantic states.

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The closed-end fund is managed by Adler Helios MMI, an AdlerGroup affiliate, with Assos Capital LLC acting as co-manager. Itintends to place all of its equity over the next two years, atwhich time the parties intend to launch a second fund.

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This marks the first discretionary fund to be managed by AdlerGroup, which has a lengthy history of directly acquiring realestate assets with a portfolio exceeding 14 million sf. "We thinkthe natural evolution for us would be to go into thefund-management business," Matthew Adler, the company's executivevice president, tells GlobeSt.com.

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The fund's anchor investor is a well-respected, high net-worthEuropean family involved in various businesses from shipping andbanking to media and entertainment, according to Adler Group. Thefirm adds that it has previously partnered with the investor on areal estate investment project.

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Mike Davis, executive director of Cushman & Wakefield inTampa, represented ACP in the transaction. Davis also handled thesale of the Naples buildings to Adler Group.

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