Palisades Mexico Partners targets $150m for new fund

Palisades Mexico Partners has launched Palisades Income and Growth Fund II, according to a statement. The fund is targeting $150 million and will focus on core-plus and value-added suburban office properties in select U.S. Markets.

Palisades Mexico Partners is a joint venture between Joaquin de Monet, founder and managing principal of Palisades Capital Realty Advisors, and Sergio Arguelles, president and CEO of FINSA, a Monterrey, Mexico–based real estate development company.

The joint venture’s first fund, Palisades Private Capital Fund I, closed in 2014 with $50 million and followed the same strategy as Palisades Mexico will pursue with new fund. In June 2014, the fund acquired a 121,143-square-foot office property in Brea, Calif., for $20.8 million.

According to the statement, Palisades funds have yielded steady returns in the 9 percent to 12 percent range.