Creekstone Partners will acquire $100 million to $150 million of retail, single-tenant office and multi-tenant office in primary and secondary markets before the year ends, according to Marc Goldstein, Creekstone Partners' principal. Next year, the company plans to buy $350 million to $500 million of commercial assets.
Creekstone Partners, a division of Houston-based Creekstone Cos., was launched in January to acquire and manage multifamily assets. Since then, the company has acquired more than $250 million of multifamily assets across the nation and has another $500 million in the pipeline.
Goldstein tells GlobeSt.com that many of Creekstone Partners' multifamily deals involve tenant-in-common investors who requested the company begin investing in other commercial assets. "We've shown the investment world what kind of great buys we can get, and they wanted us to expand," he says.
Creekstone Partners will focus on commercial assets including sale/leasebacks with a value of $20 million to $100 million. Goldstein says the properties will need to have a minimum of 70% occupancy unless they are in initial lease-up phases. According to Goldstein, Creekstone Partners will hold the properties for five to seven years and then evaluate the most profitable exit strategy.
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