A core-plus, opportunistic equity fund launched by Graceada Partners has raised $12.5 million to date, three months after launching.
With the capital raised through Fund 1, the Modesto, Calif.-based company aims to acquire $30 million to $35 million in commercial real estate in California’s Central Valley, spanning from Sacramento to Fresno.
“The Central Valley is not only the fastest growing region in California, it would also be the 17th-largest state in the country — and yet it is historically overlooked for investment,” said Ryan Swehla, principal at Graceada Partners. “We see tremendous opportunity in the future of the Central Valley and will continue to apply our disciplined investment philosophy here.”
Graceada’s first investment through the fund will be in 90,000-square-foot Northpoint Office Towers, located at 5380 Pirrone Road, Salida, Calif. The group will invest $2.5 million in building improvements and to lease up vacant space.
