Buccini/Pollin Group has formed an investment management unit.
Commercial Real Estate Direct (paywall) reported the company formed Corten Real Estate Partners, an entity that will centralize its investment activities.
The business will invest “directly in middle-market, transitional real estate assets in need of physical or financial repositioning through its vertically integrated multi-family, commercial and hospitality platforms,” its website noted.
Buccini/Pollin has $1.5 billion in projects in its development pipeline. In addition to office and apartment properties, BPG has a hotel development and management business.
Buccini/Pollin has invested about $5 billion in properties during its quarter century history.
Corten will have offices in Wilmlington and the Washington, D.C. area.
Commercial l Real Estate Direct said that the company since 1994 has raised about $1 billion in equity from founders as well as other types of investors. Corten aims to raise a quarter of a billion dollars.
Corten refers to a type of steel developed by U.S. Steel that is weather and corrosion resistant. Buccini/Pollin is becoming a player in U.S. Steel’s hometown of Pittsburgh with rights to help redevelop the downtown site of a former arena for the Pittsburgh Penguins NHL hockey team.
Three partners of Buccini/Pollin – Chris and Rob Buccini and Dave Pollin, as well as P.J. Yeatman are part of the investment group.
Corten will seek out office, hotel and other properties in need of upgrades or recapitalization.
Buccini/Pollin operates PM Hotel Group, which manages hotel properties; BPG/360 which manages office properties, Reside/BPG through which it manages multifamily assets, and a full-service construction management arm, BPGS.
The organization will focus on the Mid Atlantic region.
