The locally based real estate development, investment and project management firm says the fund will seek to capitalize on Leggat McCall Properties' local knowledge, investment experience and developmental expertise to generate "superior risk-adjusted investments in office, retail, industrial, residential and mixed-use properties" in Greater Boston.

"We now have the discretionary capital to pursue investment opportunities in conjunction with some of our institutional partners," says Mahmood Malihi, executive vice president of the firm and a member of its investment committee.

Eric Sheffels, president of Leggat McCall, notes that the firm believes this is the time for making what he calls "opportunistic investments" in Boston and its suburbs. "Properties will be purchased below replacement cost and will be re-capitalized, re-leased, repositioned, developed or converted as appropriate," he says.