Northpond Partners (“Northpond”), a Chicago-based real estate investor and operator, has partnered with a prominent southeast U.S. pension fund, forming Northpond Retail Partners, a $200 million evergreen investment vehicle. This single investor fund will target the acquisition of unanchored neighborhood retail centers with an initial focus across the Southeast and select Sunbelt markets.
As an all-cash buyer, the partnership will target properties housing convenience, necessity, and service-oriented tenants. Retail categories typically include F&B, medical, fitness, and health & beauty. These multi-tenant properties ideally contain smaller, general-purpose spaces ranging from 1,000 – 5,000 sq. ft. per tenant.
“We are energized by this opportunity to partner with this investor. In various forms, we have been investing in the retail sector for the past 20 years. The sector has evolved dramatically over that period, but these types of assets have shown resilience through changes in both secular and cyclical environments. This complimentary strategy allows us to grow the depth and breadth of our geographical footprint and expand our local, regional, and national tenant relationship networks,” said Phil Slovitt, managing principal and co-founder – Northpond Partners.
Northpond and its principals have built their growth based on a hands-on investment approach from sourcing to asset management and have been successful in repositioning, remerchandising, or redeveloping real estate in Southeast (the Carolinas, Georgia, and Tennessee) and Midwest (Minneapolis and St. Paul, Minnesota; Chicago and surrounding suburbs).
“We have been focused on investing in retail real estate our entire careers and are excited to leverage decades of experience in the retail sector to execute this partnership. The new evergreen fund will allow us to expand our investment scope while simultaneously continuing to execute our value-add and opportunistic strategies,” said Sam Ankin, co-founder and managing principal.
To submit properties for consideration, contact Sam Ankin.