Baltimore real estate firm launches second income fund

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Greenberg Gibbons, a real estate developer, investor and operator headquartered in Southeast Baltimore, has launched its second private equity real estate fund that will target $300 million in retail shopping center acquisitions across the East Coast, the company announced June 5. 

The Greenberg Gibbons Real Estate Income Fund II will aim to pursue retail-driven shopping centers including grocery-anchored community, neighborhood and power centers. The company said it will look to invest in properties across emerging markets that generate consistent income and offer opportunities that strengthen tenant mix, drive foot traffic and improve asset performance.

The purchase of Wakefield Commons, a 163,975-square-foot neighborhood shopping center in Raleigh, N.C., marked the first acquisition of the newly launched fund, according to a release.

“The launch of our second fund and acquisition of Wakefield Commons represents an important milestone for our firm,” Greenberg Gibbons President Eric Walter said according to a release. 

“Our first fund validated both the strength of our platform and the durability of necessity-based retail. With this second fund, we’re expanding that strategy—deploying capital into high-quality assets across the East Coast, where we can apply our integrated approach to drive performance, create value, and continue delivering strong outcomes for our investors.”

Through a joint venture with Boston-based real estate firm Wilder, Wakefield Commons is being acquired for $33 million, according to a release, which also says the transaction marks Greenberg Gibbon’s first retail acquisition in North Carolina.

Located at 14460 New Falls of Neuse Road, the shopping center is home to several national retailers and establishments including Starbucks, Burn Boot Camp, Moe’s Southwest Grill, AT&T, MyEyeDr., Spectrum Paint and Marquee Cinemas.