(Carl Cronan is editor of Real Estate Florida.)
TAMPA, FL-Miami-based Adler Group Inc. has acquired the 15-building Breckenridge Park complex here as its second purchase from a discretionary fund formed earlier this year. The $100-million fund, seeded by an unnamed European investor, seeks to buy income-producing commercial properties in and beyond Florida.
Breckenridge Park, which totals 332,582 sf of class A office and industrial space at Interstate 4 and US 301 on Tampa's east side, was bought from Americas Capital Partners, also based in Miami, for $28.4 million. In August, Adler Group paid $31 million from the fund for an 11-building portfolio near Naples.
"With the current market conditions, it is important to have discretionary funds available in order to acquire high-quality assets at reasonable pricing," says Michael Adler, chairman and CEO of Adler Group. The Helios AR Real Estate Fund I will invest in multi-tenant office, flex, industrial and retail in the Southeast and Mid-Atlantic states.
The closed-end fund is managed by Adler Helios MMI, an Adler Group affiliate, with Assos Capital LLC acting as co-manager. It intends to place all of its equity over the next two years, at which time the parties intend to launch a second fund.
This marks the first discretionary fund to be managed by Adler Group, which has a lengthy history of directly acquiring real estate assets with a portfolio exceeding 14 million sf. "We think the natural evolution for us would be to go into the fund-management business," Matthew Adler, the company's executive vice president, tells GlobeSt.com.
The fund's anchor investor is a well-respected, high net-worth European family involved in various businesses from shipping and banking to media and entertainment, according to Adler Group. The firm adds that it has previously partnered with the investor on a real estate investment project.
Mike Davis, executive director of Cushman & Wakefield in Tampa, represented ACP in the transaction. Davis also handled the sale of the Naples buildings to Adler Group.
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