LOS ANGELES-Los Angeles-based real estateacquisition and development firm Regent Propertieshas held the first close of its Regent Office FundII with $60 million in capital commitments. The fundtargets undervalued office product on the West Coast and Texas. Thefirst closing comes only two weeks before the fund closes its firstacquisition.

“We think there are select categories of office assets in theWestern United States that are mispriced today,” EricFleiss, Regent Properties president, tells GlobeSt.com.“This fund is really targeted around purchasing them.” Fleiss couldnot offer details about fund raising or strategy.

Regent Properties expects the fund to gross a return in themid-teens with $400 to $500 million in office product acquisitions.The fund has a full year remaining to raise capital, and expects toraise $200 million in commitments by the final close.BlackRock, the world's largest asset manager, isamong the fund's initial investors.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.