LOS ANGELES-CBRE Global Investors has closed CBRE Strategic Partners US Value 6 LP, a value-added fund with equity commitments of nearly $1.1 billion. The fund has 22 institutional investors in the US and Europe and has exceeded its target of $750 million. It is expected to have total purchasing power of $2.7 billion.
The Strategic Partners fund is a continuation and evolution of the firm's enhanced-return US strategy. The investment team will target value-added-level returns through investment in institutional-quality properties judged to have above-average return potential in highly rated major metropolitan areas across the country. Strategies include repositioning underperforming assets and improving occupancy levels through implementation of Strategic Partners' signature amenity programs, including 5-Star Worldwide for office buildings and Red Carpet for multifamily assets. The Strategic Partners US program, which was founded in 2000, has closed eight funds and three co-investment partnerships, raising $5.6 billion in total.
According to Vance Maddocks, president of Strategic Partners US, “We have a proven investment team that has demonstrated the ability to identify assets and markets where value can be enhanced through strong operations. We sincerely appreciate the partnership we have with our investors and their consultants and the confidence they have placed in us through their commitments to this fund.”
As GlobeSt.com reported earlier this week, John Sauter has joined CBRE Global Investors as a managing director for West Coast acquisitions for the strategic partners US team. In this capacity, he is responsible for originating, underwriting and structuring West Coast investments as well as development of new business opportunities. Prior to joining the firm, Sauter was a partner with the MSD Capital L.P. Real Estate Group, where he was responsible for sourcing, evaluating and executing transaction opportunities in traditional real estate private equity, public securities, real estate debt and corporate private equity.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
