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BALA CYNWYD, PA-The locally based office of Stoltz Real Estate Partners closed Stoltz Real Estate Fund I LP at $70 million. The fund was raised to acquire up to $1.5 billion of what is described as “value-added and core plus real estate” in selected markets over the next 18 months.

To date, the fund has acquired four assets, each in joint venture with an institutional partner. The aggregate value is in excess of $250 million. In addition, several assets valued at an aggregate of approximately $300 million are currently under contract. As with its other assets, Stoltz intends to permanently capitalize these with joint-venture equity. It expects to close on these acquisitions during the first quarter of next year.Andrew Silberstein, EVP and chief investment officer, says SREF I “is a continuation of the Stoltz companies’ long history of acquiring, managing and leasing real estate portfolios around the country. We focus on achieving appropriate risk-adjusted returns for our capital while diversifying across asset types and geography to maximize our opportunity set.”

Its Pennsylvania assets exemplify its spread. They include the one-million-sf, 106-acre North Penn Business Park office campus in Lansdale; Burpee Seed warehouse in Warminster; the Springhouse Village lifestyle shopping center in Springhouse; Berwyn Shopping Center, three retail/entertainment locations in Ardmore, and International Plaza, a two-building, 487,135-sf office complex in Philadelphia adjacent Philadelphia International Airport.

Other company assets include properties in Hughes Airport and Hughes Cheyenne Centers in Las Vegas, multifamily facilities in Delaware and Wyoming, and extensive retail holdings in several states from Illinois to the East Coast. Stoltz Partners’ current portfolio totals approximately 11 million sf and is valued at in excess of $1.2 billion.

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