Fifth Corner has closed on its initial round of capital commitments for its Fifth Corner Property Fund I.
The Fifth Corner investment strategy focuses on demographic affluence, density of population, demand generators, desirability, and demarcation to create value on its Irreplaceable Corners™. The fund invests in high-quality retail and mixed-use assets on Irreplaceable CornersTM.
The fund has started to invest its capital, acquiring two properties. The properties are located in Sugar Land, Texas, and the Washington corridor in Houston, totaling approximately 39,000 square feet. Tenants at the centers include Memorial Hermann, Five Guys Burgers and Buffalo Wild Wings. Bruce Wallace and Radkey Jolink of CBRE are responsible for leasing of the centers. .
Fifth Corner Property Fund I has two additional properties under contract in Fifth Corner’s target markets. The anticipated closing dates are third quarter 2018.
In addition, Fifth Corner hired Tim Ng and Brad Blazar.
Ng will be part of the acquisitions and asset management team. He is an industry veteran with more than 15 years in the real estate community. His latest role was with EDENS and AmREIT, where he was working on one of the highest-quality retail portfolios in the country for nearly 12 years.
Blazar will be part of the fundraising team for Fifth Corner’s growth. He has been involved in sales management, raising capital, and managing the capital markets efforts for real estate firms including Bluerock, Waypoint Residential and SmartStop Asset Management.
Fifth Corner is a Houston-based real estate company, founded by Tenel Tayar, Chad Braun and Kerr Taylor — the former senior executive management of AmREIT.
