Miami-based TSG Group is launching a new investment platform with plans to spend up to $300 million on commercial real estate in the U.S. over the next two years.
Black Salmon is led by TSG’s Camilo Lopez and Jorge Escobar; Ignacio Murman, former head of acquisitions of Independencia Asset Management; Diego Madotta, former commercial vice president of Capital Markets Argentina; and Eduardo Escayol, a capital markets banker.
The group made its first investment earlier this month, spending $33 million on a 109,000-square-foot Class A office building in San Francisco, called the Offices at Public Market, Escobar said.
Black Salmon plans to invest up to $120 million in its first year and have up to $300 million of assets under management by its second year in cities like Miami, Austin, Chicago, Boston, Denver and up and down the West Coast, he said.
Investors, including foreign high-net-worth individuals, will be able to buy into the platform via their investment accounts at a minimum investment of $250,000. “For financial advisers, it’s a new way to offer their clients a good opportunity to invest in U.S. real estate,” Escobar said.
The group has partnered with Euroclear, a provider of post-trade services, and will work with BNY Mellon, PriceWaterhouseCoopers and Greenberg Traurig.