Combined Props, Heitman Launch $200M Fund

WASHINGTON, DC-Combined Properties Inc. a full-service real estate firm based on the West Coast with an office in DC, is venturing with Chicago-based Heitman to acquire $200 million of institutional grade shopping centers both here and in California.

To seed the new venture, Combined Properties contributed a Waldorf, MD-based shopping center called Charles County Plaza. Alex Iszard, EVP and general counsel for the firm estimates its value to be more than $30 million. The recently renovated and expanded 142,500-sf center is anchored by a 71,500-sf Giant Food store, Linens ‘N Things and Pier One.

Iszard declined to tell GlobeSt.com the original amount of equity or the ownership structure of the venture, other than to say that Combined Properties will manage the joint venture’s daily operations and manage and lease each retail property acquired. The $200 million represents final purchasing power of the fund.