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Friday, 03 January 2014

Greenfield Eyes $750Mln for Latest Value-Add Investment Fund

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Commercial Real Estate Direct Staff Report

Greenfield Partners is in the market raising equity for its latest real estate investment fund.

The South Norwalk, Conn., investment manager's Greenfield Acquisition Partners VII so far has raised $120 million of a targeted $750 million, according to a regulatory filing.

It is a follow-up to Fund VI, which was launched in 2011 and had sought $1 billion. It wrapped up its capital-raising efforts for that vehicle this past summer, according to research firm Preqin. The fund had raised more than $300 million as of the end of 2012, but the total it raised at closing could not be determined.

The new vehicle is focusing on suburban office and industrial properties and student housing. Greenfield's investment focus is mainly on properties that require repositioning or redevelopment.

It also pursues portfolios. For instance, it has agreed to pay Liberty Property Trust $705 million for a portfolio of 97 office and industrial-flex properties with 6.6 million square feet and 159 acres of land. That deal is scheduled to close this month.

Fund VI has also purchased 14 Dallas-area industrial properties with 1.4 million sf last summer from Cobalt Capital Partners, according to a report in the Dallas Morning News.

Greenfield's ventures with local operating partners include a partnership with Somerset Partners of Lower Gwynedd, Pa., that in 2012 paid Liberty Property about $146 million for 34 office, flex, and industrial buildings with 1.9 million sf in southern New Jersey, Milwaukee and High Point, N.C.

Greenfield, which also has offices in Chicago and Reston, Va., was founded in 1997 by Eugene A. Gorab, its chief executive. He previously was partner and managing director of Starwood Capital Group, where he was in charge of its development and land groups. Prior to that, he was an acquisitions officer with JMB Realty Group of Chicago.

Greenfield's first five value-add funds raised about $2.6 billion between 1997 and 2007 and were invested in properties that included hotels. The company has also managed three land-acquisition vehicles that raised $875 million of equity between 2004 and 2007.

Comments? E-mail John Covaleski or call him at (267) 247-0112, Ext. 208.



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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

 

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