Founders Properties, L.L.C. Launches Fifth Real Estate Investment Fund to Further Expand its Offerings in Growth Markets
Founders Properties, L.L.C. announced the purchase of three properties as part of the company's newly launched Income Fund V, which focuses on stable, core and core+ industrial and office properties throughout the United States. Income Fund V will target $80-$125 million worth of equity investments. The first three acquisitions, two industrial buildings and an office building located in North Carolina and Indiana, serve as the inaugural milestone for the fund, totaling $36 million and approximately 368,646 in square footage.
“These three acquisitions perfectly fit our existing portfolio of investments and have allowed us to officially kick off fundraising efforts for our next income fund," said Chris Courneya, vice president of investments and acquisitions. “We feel confident about the long-term stability of all three assets and they complement our overall investment strategy of diversification across multiple strong growth markets."
The purchases consist of two properties in North Carolina, Spring Forest Business Center, a 156,036-square-foot office building located in Raleigh, and Keisler, a 149,987 square-foot industrial building located in Conover. The third property acquired for this fund is located in Indiana, Vincennes, a 62,623-square-foot industrial building, in Indianapolis. Notable tenants include, Mednax, Inc., Allstate Corporation, and Essity AB. Over the next three years, Founders' goal is to purchase between 15-20 property assets to complete Fund V, with a focus on investing in growth markets and the right blend in assets that will generate a long-term, stable income stream.
These recent acquisitions mirror Founders' foundational investment strategy, centered on an overall goal of portfolio diversification, and stability of industrial and office assets.