Chicago-based Harrison Street Partners has closed on $75 million (€59 million) in initial equity commitments for its first fund and expects to raise at least double that amount by year’s end when it will likely close Harrison Real Estate Partners I to investors, according to managing director Christopher Merrill.
Harrison Street was formed in 2005 as a partnership between member of the Galvin family of Chicago, which founded Motorola and Merrill, a former executive at Chicago-based Heitman who oversaw European operations. The firm derives its name from the Chicago street where mobile phone giant took root as the Galvin Manufacturing Company.
So, far Harrison Street has invested $90 million (€71million) in a joint venture with United Stor-All to develop and acquire a $300 million (€235 million) self-storage portfolio along the East Coast. It also partnered with the Preiss Group, investing $200 million (€157 million) in a student housing venture near the University of North Carolina, Charlotte.
The firm expects to make more investments in storage and its initial investment in the medical office sector soon, according to Merrill. The fund, which will also target senior housing and parking, looks for value-add opportunities.
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