Morgan Stanley Real Estate’s new commingled fund, Prime Plus Property Fund, has plans to make a new investment in the Bay Area. The fund focuses on investment properties on both the East and West coasts. The real estate manager’s $14.6B Prime Property Fund has three of its top 10 properties in the greater Bay Area, reports The Registry. Included among those properties is the Hills Plaza office complex in San Francisco, which had a gross asset value of $445M through Q1. The new fund will be structured as a core-plus commingled fund, which allows the fund to always be open for new capital commitments. [TR]
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