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Innovative, HSA Close $50M Property Fund

CHICAGO-The two companies are launching ICA Real Estate Equity Fund, which will invest in all property types except for hotels.

By Robert Carr | Updated on September 29, 2011

CHICAGO-HSA Commercial Real Estate and Innovative Capital Advisors, both based here, have partnered to create a new investment fund. The venture has launched ICA Real Estate Equity Fund, a $50 million fund that will seek Midwest properties.

Tim Blum, EVP with HSA, and Peter Mavrogenes, senior managing director and CEO of ICA, will both manage the fund. They are both principal investors in the fund’s first installment, with a series of funds following in the next five to 10 years as the partnership continues to attract capital.

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