Coretrust Capital is considering investing capital in office buildings through its new investment fund and may have its sights set on some buildings in the Bay Area.
The Los Angeles-based real estate manager has formed Coretrust Value Fund I, which has been established with the financial backing of Austin, TX-based Hawkeye Partners. This will be a commingled fund where the manager looks to invest in up-and-coming managers. Hawkeye’s investment will be the lone outside capital invested in the fund; the principals of Coretrust will also be making an investment into the fund, which will have a total capitalization of around $900M.
The fund will target existing office buildings that have a value-added component and is seeking returns in the neighborhood of 16% to 18% net IRR. In addition to Bay Area buildings, the fund has its sights set on Los Angeles, Seattle, the Mid-Atlantic region and Texas. [TR]
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