Posted 12/17/2013 02:58 pm
Updated 12 months ago
CapRocq Core Real Estate Fund L.P. of Little Rock announced its final closing on Tuesday, having raised more than $56 million in equity to fund commercial real estate investments in Arkansas and four other states.
The fund, first announced in January, said it has so far acquired more than $100 million in assets. Its portfolio includes mainly office space but also holdings in industrial and retail space.
CapRocq Core said its investor base includes Arkansas-based institutions and accredited individual investors. Colliers International of Arkansas is the group’s exclusive real estate broker and advisor. Kevin Huchingson, co-founder and COO of CapRocq Core, is also president and CEO of Colliers.
"We are quite pleased with the response from our investors, many of whom have prior investment experience with one or more of our partners," Huchingson said. "We believe that we have assembled an extremely competent and diverse team with a great depth of experience in real estate transactions, asset and property management and financing."
The fund's other co-founders are Dewitt Smith III, Franklin McLarty and Ted Dickey. The group is focused on finding and investing in real estate that's been overlooked by public real estate investment trusts and institution investors. So far, the fund has assets in Arkansas, Oklahoma, South Carolina, North Carolina and Florida.
Among CapRocq Core's Arkansas properties are the Conway Towne Center, a 207,557-SF shopping center at the intersection of I-40 and Highway 65 in Conway, and the Lowell Office Park, a 162,405-SF office complex near I-540 in Lowell.
CapRocq Core said the Conway Towne Center is 85 percent leased. Tenants include Hibbett Sports and Cinemark Theaters. The Lowell Office Park is 87 percent leased. Tenants include Transplace, UAMS Children's Hospital, Mercy Medical and St. Mary's Health.
CapRocq Core is part of CapRocq, an investment partnership founded by McLarty and Huchingson. CapRocq's other venture is CapRocq Automotive LLC, an asset management company focused on origination, underwriting and oversight of commercial real estate used by operators of franchised automotive dealerships.