BOSTON—Berkshire Group, headquartered here, andStrategic Capital Partners said Thursday that theyhad partnered on a joint venture to develop and acquire a portfolioof industrial, office and mixed-use properties in targeted marketsacross the Southeast, Mid-Atlantic and Midwest. The new ventureexpects to build a portfolio of approximately $500 million in grossasset value via JVs with third-party institutional investors.

"A partnership with Berkshire Group represents a significantstep for our company, and we look forward to scaling our platformtogether," says Richard Horn, managing partner ofIndianapolis-based SCP. At Berkshire, Larry Elman,managing director and CIO/venture investments, says working withSCP "will allow us to enter the office and industrial sectors insome attractive markets in strategic regions alongside a highlyexperienced operating team."

The venture closed on its first three assets this past December,including two office development sites in Raleigh, NC, and onebusiness park acquisition in Northern Virginia. On its own,Berkshire has invested in Raleigh-Durham multifamily over the pastyear, via three acquisitions from CrescentCommunities. KeyBanc Capital Markets isacting as financial advisor on the Berkshire-SCP JV.