LIG Assets formed a strategic alliance with Texas Real Estate Hedge Fund, LP to invest, acquire, manage and finance commercial real estate properties.
The company plans to focus on commercial real estate with valuations ranging from $5 million to $100 million in the multifamily, retail, destination hotel and office property sectors. Geographically these assets will be well located properties in the Southwest, West and Midwest sectors of the United States.
“Given the repositioning of the commercial mortgage-backed securities and the upcoming commercial real estate maturities, LIG Assets and Texas Real Estate Hedge Fund, LP foresees significant opportunities in calendar year 2013 and beyond,” the company said in a press release issued Dec. 20.
On Dec. 21, LIG Asset announced the alliance's first transaction, 2515 East Rosemeade Pkwy in Carrollton, Texas. The property includes 61,224 retail square feet on 4.22 acres. It was formerly a Kroger's supermarket, is being leased to Terry's Market's LLC. LIG Asset said the strategic alliance has plans to acquire and lease an additional nine supermarket properties over the next three years in Texas, Oklahoma, and Colorado for this grocery store chain.
The alliance puts LIG Asset closer to its stated goal of forming a real estate investment trust. The company announced plans in August to expand its portfolio of income producing properites and establish a REIT taht would be spun off to shareholders.