Petrus, Crown West Attract $125M for Next Fund

SPOKANE, WA-Petrus Partners Ltd. of New York City and its locally based asset management subsidiary Crown West Realty LLC have completed fund raising for their second value-add discretionary fund since 2003. The fund closed with $125 million of equity that the Petrus-Crown West Group plans to parlay into at least $500 million of office and industrial properties over the next three years.

The fund will focus on acquiring mid-sized properties, one typically in need of redevelopment, repositioning or restructuring. It is looking for deals in the $10-million to $100-million range that require individual equity investments of $5 to $25 million.

As for geographic dispersion, the group seeks to assemble portfolios of properties within six to eight metropolitan markets, the strategy being economies of scale in both the acquisition and management of properties. The markets are Phoenix, Denver, Northern New Jersey, Raleigh-Durham, Atlanta, Houston and Dallas.