Urdang Sells Newark Industrial Building to User

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Urdang invested in the Newark property for its commingled fund, Urdang Value Added Fund II. The real estate management completed fund raising for this entity in February 2008 at $462.8 million. One of the investors with a $50 million investment was the Los Angeles Fire and Police Pension System.

[contextly_sidebar id=”38211d39cab44ea2e0a92bcfca60cb33″]Urdang now owns one other real estate property in the greater San Francisco Bay Area, the 120,000-square-foot Harbor Bay office building in Alameda. This is a core office building that the company owns on behalf of a separate-account pension-fund client.

Urdang was brought into the deal in Newark by CapRock. “This was our first completed transaction with them, and we are hopeful of doing more business with them in the future,” said Thomas.

CapRock is an owner of industrial and R&D properties. The company’s assets in the Bay Area are located in Redwood City and Sunnyvale. It has a value-added investment strategy that includes repositioning partially occupied or vacant buildings and redevelopment opportunities. Most of its deals range from $10 million to $30 million.

Urdang has now invested all of the capital for Fund II. The real estate manager is in the market raising capital for Urdang Value Added Fund III. “We are looking at a total equity raise of $350 million. We will focus on value-added deals on the four basic food groups of office, industrial, retail and apartments. We want to find some deals in San Francisco for this fund,” Thomas said.

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