Gerrity Group holds $200m first close on third US retail fund
Doug Weill, Managing Partner contributed to this article.
The US retail market shows signs of life as fundraising ticks up and specialty managers zero in on grocery-anchored tenants.
The Gerrity Group held a first close for its third retail fund on $200 million last month, PERE has learned, putting the California-based manager halfway to its $400 million target.
The firm will use the vehicle, Gerrity Retail Fund III, to acquire neighborhood shopping centers in the western US, most of which will be anchored by grocery stores, a source familiar with the fund said. The value-add fund will target a gross internal rate of return between 14 and 16 percent with 65 percent portfolio-level leverage. Gerrity raised $313 million for its previous retail fund and is on track to wrap up fundraising on Fund III by the middle of next year.
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