The fund will focus on acquiring mid-sized properties, onetypically in need of redevelopment, repositioning or restructuring.It is looking for deals in the $10-million to $100-million rangethat require individual equity investments of $5 to $25million.

As for geographic dispersion, the group seeks to assembleportfolios of properties within six to eight metropolitan markets,the strategy being economies of scale in both the acquisition andmanagement of properties. The markets are Phoenix, Denver, NorthernNew Jersey, Raleigh-Durham, Atlanta, Houston and Dallas.

Petrus president Frank Walter tells GlobeSt.com that the fundhas closed on its first two acquisitions, the 110,000-sfSpectraSite Communications headquarters building at 400 RegencyForest Dr. in Carey, NC, and a controlling interest in the300,000-sf, four-building headquarters of Unilever North America at700 Slyvan Ave. in Englewood Cliffs, NJ. Both properties areoccupied under short-term leases, Walter says.