By Modupe Gbadeyanka
On May 1, 2017, High Street Real Estate Fund V, L.P. held its final close, reaching its hard cap with total equity commitments of $353 million. Utilizing targeted leverage of 50 percent, the Fund will seek to acquire approximately $700 million of assets in its target markets.
High Street Realty Company, formed the Fund to continue its successful strategy of acquiring smaller warehouse distribution assets in the eastern two-thirds of the United States, with a specific focus on Class A and B infill properties fulfilling regional and “last mile” logistics requirements for its tenants. The Fund targets primary distribution markets, including Chicago, Northern New Jersey, Central Pennsylvania, Atlanta, Florida and Texas.
The Fund attracted capital from existing investors and several new top-tier, institutional investor relationships. Investors in the Fund include insurance companies, public and corporate pension funds, foundations and other institutional investors from the United States and Europe.
To date, the Fund has acquired 19 assets that, in aggregate, represent approximately 34 percent of the Fund’s total commitments. The Fund’s investors are benefiting from the Fund’s focused strategy and High Street’s efficient execution, which allowed for the rapid deployment of a significant portion of the Fund’s capital during the fundraising period.
Accord Capital Partners LLC, along with its affiliate Accord Europe Limited, served as exclusive global capital advisor to High Street.
