Infant fund to acquire $375M in commercial space
An infant commercial real estate investment company raised $22 million in an inaugural fund as leverage to acquire $375 million of retail, office and industrial properties in South Florida as more newbies jump into the region’s red-hot real estate market.
The principals of IP Capital Partners, based in Boca Raton, will focus on value-add propositions, relying upon a cumulative 25 years’ real estate investment and management experience, including tenures with the Goldman Sachs’ Archon Group, LNR and Booz Allen, according to a release.
“Investment opportunities abound, largely due to improper capitalization,” Josh Procacci, the firm’s chief investment officer, said in the release.
The company is currently pursuing millions of square feet in acquisitions throughout Florida, the release said. — Emily Schmall