Liquid Realty Partners raises $572M fund for real estate

Liquid Realty Partners, a San Francisco firm focused on acquiring real estate funds, partnerships and interests in the secondary market, said Thursday that it raised $572.3 million in its fourth fund.

The fundraising exceeded its original target of $400 million, suggesting strong demand for real estate investing among institutional investors. More than 70 percent of the investors in the firm's third fund participated in its latest fund.

The new fund will be overseen by Scott Landress and Jeff Giller, both managing principals.

Liquid Realty said it is the largest discretionary real estate secondaries fund ever raised.

Over the past 24 months, the firm has committed more than $1 billion in equity to interests in real estate funds and partnerships. The firm gives big investors, or so-called limited partners, investing in these funds and partnerships a way to cash in on their investment early, giving them greater flexibility when investing in the traditionally illiquid asset class of real estate.

"The closing of LRP IV underscores Liquid Realty's success in providing liquidity to real estate private equity limited partners, enabling them to effectively and efficiently manage their indirect real estate holdings," said Landress, who is also Liquid Realty's CEO. Managing Principal and Chief Executive Officer. "We believe Liquid Realty's capital resources will be a great benefit to real estate limited partners seeking to manage their portfolios in this market cycle."

Liquid Realty, founded in 2001, has acquired real estate fund, partnership and trust interests valued at more than $1.2 billion. The firm's transactions have included limited partner sales of global real estate fund interests, joint venture investments, property co-investments, and select primary real estate fund investments.

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source: bizjournals.com

Northeast San Antonio shopping center has new owner

Camelot Plaza In-Line Shops has been sold to Parkford Properties, according to Triple Net Properties LLC.

Santa Ana, Calif.-based Triple Net sold the 77,000-square-foot retail shopping center on behalf of tenant-in-common investors. The sale closed earlier this month, Chief Investment Officer Jeff Hanson says.

The property was built in 1981 at the intersection of Walzem Road and Eagle Crest Boulevard. It is leased to several tenants, including Blockbuster, Family Dollar, Aaron's Rents and H&R Block.

Richard Walter of Faris Lee Investments was the broker in the transaction. The tenant-in-common investors originally bought the property back in August 2001.

Triple Net Properties is a wholly owned indirect subsidiary of Grubb & Ellis Co., a real estate services and investment management firm. Triple Net and its affiliates manage a portfolio of nearly 39 million square feet of real estate with a combined market value in excess of $5.4 billion.

Parkford Properties is an Encino, Calif.-based real estate company.

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source: bizjournals.com

Hotel-condo project planned for SouthSide Works

A key piece of the SouthSide Works' redevelopment plan is ready to fall into place.

The Urban Redevelopment Authority on Thursday finalized plans to sell an acre of riverfront property at the SouthSide Works to DOC-Economou, a development firm with offices in Fort Myers, Fla., Chicago and Wexford.

DOC-Economou plans to develop a mixed-use complex comprised of a luxury hotel, condominiums and other amenities.

"The Soffer Organization has done a tremendous job in making the SouthSide Works what it is today," said Phil Hugh, a Florida-based principal of DOC-Economou and a western Pennsylvania native. "The addition of this live-stay-play development is the perfect complement, and it will be the only mixed-use complex of its kind in the region situated within an existing upscale lifestyle-and-entertainment landscape."

The complex will include a 140-room luxury hotel, 23 private residences, a 20,000-square-foot spa and fitness center with an indoor/outdoor swimming pool.

The complex is scheduled to open in the summer of 2009.

Damian Soffer, president of the Soffer Organization, which maintains development rights for much of the 34-acre mixed-use portion of the 123-acre former mill site, is hopeful the hotel will enhance the array of retailers, restaurants and office tenants his company has assembled at SouthSide Works.

"The arrival of this development to the SouthSide Works brings a new level of style and sophistication to the project," Soffer said. "The project will meet the expectations of business travelers, tourists, and residents looking for a wonderful new venue for business and pleasure."

The sale of the property by the URA to DOC-Economou represents an ongoing shift to a more diversified team of developers for the SouthSide Works, said Rick Belloli, executive director of the South Side Local Development Co.

Previously, Belloli said, Soffer was expected to develop and own the entirety of the 34-acre, mixed-use plan. But last year, American Eagle Outfitters acquired the 187,000-square-foot Quantum I office building that it now occupies as its administrative headquarters, as well as an adjoining parcel on which it is constructing a second building.

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source: bizjournals.com

Traughber wins March of Dimes commercial real estate award

Bruce Traughber, director of economic development for Louisville-Jefferson County Metro Government, is the 2007 recipient of the March of Dimes Commercial Real Estate Achievement (REACH) Award.

The award honors an individual whose commercial real estate activities have significantly enhanced the local community, according to a news release.

"Any person visiting Louisville for business or pleasure will probably find their way to a project Bruce was involved in," the release said, including Fourth Street Live, Slugger Field, 21C Museum Hotel and Eastpoint Business Center.

Past recipients of the REACH award include Stephen C. Gault, of The Stephen C. Gault Co.; Paul Bickel, of Spring River LLC; Phil Scherer, of Commercial Kentucky Inc.; and Norman Berry, of K. Norman Berry Associate Architects.

The March of Dimes is a national agency that works to prevent birth defects, premature birth and infant mortality.

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source: bizjournals.com

Northside parcel sells for $20M

A South Florida developer has paid $20 million for 995 acres on the Northside and is planning a multi-use project for the site.

Benderson Development bought the parcel at the northeast corner of Interstate 95 and Pecan Park Road from Bacardi Bottling Corp.

Benderson is a private company based in University Park, Fla. The developer is planning what it calls a regional activity center that will include office and retail space and 319 acres of industrial use land.

Hobart Joost Jr. of Colliers Dickinson represented Bacardi in the transaction.

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source: bizjournals.com