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CONSHOHOCKEN, PA-Keystone Property Group has closed its second fund, Keystone Property Fund LP II, at $111.4 million, three times the amount it raised in its opening fund. As before, the company is looking for office and industrial properties to renovate and reposition.

“Fund II allows us to leverage approximately $500 million in acquisitions,” says Bill Glazer, Keystone Property Group president. The focus will be the same as Fund I’s, which Glazer describes as properties that are “functionally obsolete and capital-starved.” The geographic reach, however, will include the Mid-Atlantic, “but also expand to one or two other markets, such as Chicago, South Florida and the Washington, DC-Baltimore area.”

Funding comes from a mix of institutional partners, private pensions, high net-worth individuals and “funds of funds in which people want diversification,” Glazer says. He tells GlobeSt.com that Keystone Property is targeting investments from $25 million to $100 million. He estimates “from 12 to 15 acquisitions will complete the investment.”

One-third of the new fund is already invested. It includes the previously reported $21-million buy of Valley Forge Park Place, a two-building, 115,411-sf office complex in King of Prussia. “We have a second one-third under contract,” Glazer says, “and we expect to complete use of the fund no later than the second quarter of 2007.”

In a move related to Keystone Property’s expansion, Scott Paymer was appointed to the newly created position of director of marketing and development. He is a former acquisitions associate with Bucks County-based Heritage Building Group and previously held positions with K. Hovnanian Enterprises of Red Bank, NJ and Gambone Development Co. from East Norriton. He is responsible for Keystone Property Group’s current and future assets in the Delaware Valley.

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