Founders Properties buys three properties for newly launched fund

Minnesota-based Founders Properties has purchased three properties for its newly launched Income Fund V, which focuses on stable, core and core-plus industrial and office properties across the United States.

The fund is seeking to raise $80 million to $125 million in equity investments.

The acquisitions include two industrial buildings in North Carolina and one office building in Indiana, and serve as the inaugural milestone for the fund, according to the firm. The assets total $36 million and span approximately 368,646 square feet.

The North Carolina assets include the Spring Forest Business Center, a 156,036-square-foot office building located in Raleigh, and Keisler, a 149,987-square-foot industrial building in Conover. The firm is also buying a 62,623-square-foot industrial building in Indianapolis.

Tenants include Mednax, Allstate Corp. and Essity AB.

“These three acquisitions perfectly fit our existing portfolio of investments and have allo