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D.R. Stephens Seeks $250M for Institutional Fund

SAN FRANCISCO-The locally based owner and operator of industrial properties retains a New York-based advisory to arrange the equity for its first fund.

By Brian K. Miller | Updated on April 03, 2007

SAN FRANCISCO-Locally based D.R. Stephens & Co. has retained Carlton Advisory Services of New York City to find $250 million of institutional equity for its first industrial fund. With leverage, the fund would be able to acquire approximately $1 billion of assets.

The fund initially will target infill industrial/R&D assets in the Bay Area before expanding the search to additional West Coast markets. D.R. Stephens principal Lane Stephens did not return a Tuesday phone call seeking additional information, such as the target IRR for investors and the investment timeline.

D.R. Stephens was formed in 1973 to consolidate and manage the real estate investment activities of the Stephens Law Firm. In 1999, the company began focusing on industrial and research and development real estate in the greater Bay Area. In late 2005, it began forming joint ventures with pension fund advisors.

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