Chase Properties Ltd., a Beachwood, Ohio-based owner and operator of community shopping centers in the eastern half of the country, is pleased to announce the initial closing of its second retail fund, Chase Properties Retail Acquisition Fund II, LP. The fund will be focused on acquiring high quality, stabilized shopping centers in secondary and tertiary markets. The initial closing included approximately $25,000,000 of equity, which will allow the fund to acquire over $70,000,000 of properties. Chase Properties expects to have additional closings over the course of the next year.
Chase Properties closed on its first fund in August, 2011, which was fully invested in five shopping centers by December, 2012. The five shopping centers are located in Kentucky, Missouri, Indiana, South Carolina and North Carolina.
“We look forward to continuing to be able to capitalize on opportunities to acquire high quality properties in our target markets,” said Stuart Kline, Chase Properties’ President. “This fund will allow us to expand our footprint in the types of markets within which we have successfully operated over the past 40 years.”
Chase Properties is a full service owner and operator of shopping centers located in 14 states throughout the Midwest, Southern and Eastern US. Founded in 1973, Chase Properties currently owns and manages 26 shopping centers totaling over five million square feet.
Inquiries should be sent to Andy Kline, Principal & Managing Director, Chase Properties LTD, (216)