N.C. commercial real estate firm launches $500m fund
The Spectrum Cos., formerly known as Spectrum Properties, has plans to launch a fund to buy and develop up to $500 million in commercial and multifamily assets across the Southeast.
The firm has also named Steve McClure, who formerly led the company's residential division, as COO.
"Our vision is to more than double the size of our company and the value of our $1.5 billion portfolio over the next decade — and to continue creating remarkable places that enhance the vitality of communities we serve," said McClure in a statement.
Spectrum develops, leases, manages and invests in commercial and multifamily property primarily in four communities: Charlotte and Raleigh in North Carolina; Charleston, S.C.; and Nashville, Tenn.