Gerrity fund holds final close of $313.7m
The Gerrity Group is has held a final close of $313.7 million for Gerrity Retail Fund II, according to a spokesperson for the firm.
The value-added fund focuses on necessity-oriented neighborhood and community retail properties. Since its first close in September 2014, the fund has acquired six properties in Los Angeles; Portland, Ore.; Sacramento; and Seattle.
The fund has attracted investments from endowments, corporate pension funds and public pension funds, including the Los Angeles City Employees’ Retirement System and the Ohio Police & Fire Pension Fund.
The Gerrity Group will co-invest up to $5 million in the fund. Fund II is targeting returns between 14 percent and 16 percent.