University of Michigan commits $29m to value-added real estate
The University of Michigan Endowment has committed $25 million to Sterling Value-Add Partners II, managed by the Palm Beach, Fla.–based Sterling Organization, according to document’s from the past week’s meeting of the board of regents.
The value-add fund looks to acquire, manage, lease and sell income-producing grocery-anchored shopping centers and power retail centers in major U.S. markets, primarily in the central and eastern regions of the country. The firm will look to create value in underpriced assets by improving occupancy and tenant mix, increasing rents, making property-level improvements and cutting operational costs. The fund had raised $95 million by July 2014, according to a filing with the SEC. No fundraising goal was disclosed.
The endowment also committed $4 million to a co-investment opportunity offered