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JV Recapitalizes Three-Building Portfolio for $70M

CHICAGO-A joint venture between the Alter Group and Heitman Real Estate Investment Management's Global Investment Fund recapitalizes a portfolio of three office buildings. The fund's sole investor is the Kuwait-based Global Investment House, which is making its first US real estate investment with the Alter portfolio.

By Dana Dubriwny | Updated on December 07, 2005

(To read more on the debt and equity markets, click here.)

CHICAGO-A joint venture between the Alter Group and Heitman Real Estate Investment Management’s Global Investment Fund has recapitalized a portfolio of three class A multitenant office buildings for $70 million. The properties total 402,882 sf and are in the suburbs of both Chicago and Washington, DC.

The investment was structured by EnTrust Realty Advisors, LLC, an affiliate of the Alter Group. James Clark III, EnTrust’s managing principal, tells GlobeSt.com that Alter was looking for a capital source to invest in the properties while still allowing the company to retain leasing and management control. Clark says Heitman Real Estate Investment Management, the advisor to the Global Investment Fund, was a clear choice.

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