The real estate private equity firm has been working since January to finalize the deal, said
The firm, which was founded in 2005, purchased the properties through its Credit Opportunity Fund I, which focuses on distressed commercial real estate.
"We were able to acquire these assets at a significant discount to replacement cost through a complex bankruptcy transaction process," Smoke said.
The company plans to enhance the properties, which vary in size from 5,000 to 25,000 square feet, and bring them back to their full operating potential. The 11 properties total 150,000 square feet.
Smoke explained that in many cases enhancing the property just means routine maintenance work that wasn't done in the past 24 months.
"Some of the properties are in great shape and some need a little more work," he said.
The acquisition will add a bigger geographic presence in the retail sector for the firm, Smoke said.
"They will allow us to significantly expand our retail footprint with exceptional property locations that are not threatened by e-commerce."
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