Greenberg Gibbons, one of the Mid-Atlantic region’s premier investors, developers, and managers of retail and mixed-use properties, is in the final stages of raising a $100 million private equity fund to make strategic shopping center acquisitions throughout the East Coast, Southeast and premier Midwest markets to fuel its continued growth.

The new Greenberg Gibbons Real Estate Income Fund officially closed last month with the majority of equity committed and is finalizing remaining equity commitments through the second quarter of 2021. With the addition of a co-investment vehicle, the fund will have the capacity to acquire $300 million of assets.

According to Greenberg Gibbons CEO Brian Gibbons, plans for the fund have been in the works for more than a year but were accelerated due to the coronavirus pandemic. “Due to operational and investment challenges affecting retail shopping centers caused by COVID-19 and other e-commerce trends, we saw a rare opportunity to leverage our team’s expertise by acquiring necessity-based shopping centers well below replacement cost and at significant discounts to historical valuations.”

The Greenberg Gibbons Real Estate Income Fund will seek strategic investments with a focus on essential, retail-driven shopping centers including value-add grocery-anchored community, neighborhood, and power centers that may need to be revitalized through repositioning of retail spaces, property upgrades, developing additional uses and improving operations.

“We have a proven track record of selecting and acquiring great retail destinations while taking underperforming properties and turning them into valuable community assets,” said Eric Walter, Executive Vice President and Chief Investment Officer for Greenberg Gibbons. “Our integrated model allows us to bring together the necessary capital, site selection, development, leasing and management expertise to maximize great retail locations while unlocking and creating long-term value for our investors.” Among the firm’s $2 billion portfolio are signature projects such as Hunt Valley Towne Centre, Foundry Row, Towson Row, and Waugh Chapel Towne Centre.

Besides Greenberg Gibbons investing its own capital, fund investors include high net worth individuals, family offices and institutional investors. Once this initial fund is fully invested, Greenberg Gibbons expects to establish additional acquisition funds in the future.

About Greenberg Gibbons