Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.