Development

A new Charlotte real estate firm is loaded with a $500 million war chest

South End’s Design Center
South End’s Design Center jwillhelm@charlotteobserver.com

Asana Partners said Thursday that it’s completed a $500 million capital raise, leaving the young Charlotte commercial real estate firm with a big chunk of equity to invest.

The company last year bought the Design Center in South End for $42.7 million. Based in South End, Asana was founded in 2015 by three partners formerly at development firm Edens with a goal of buying and improving retail centers.

“We greatly appreciate the support of our investors whose commitment underscores the strength of our business strategy and depth of our team,” said Terry Brown, co-founder, chairman and CEO of Asana, in a statement.

Asana said it reached $500 million worth of equity commitments nine months after launching its debut fund, from sources including state pension funds, municipal pension funds, corporate pension funds, insurance companies and endowments. A quarter of the equity fund has already committed “to attractive neighborhood retail markets” in Charlotte, Washington, D.C., Atlanta and Austin.

Asana will target “a range of retail real estate investment opportunities in high growth urban and infill neighborhood locations,” the company said.

“We are executing on exciting opportunities in our target markets where we see strong potential for retail real estate value creation,” said Asana co-founder and chief investment officer Sam Judd.

Hodes Weill Securities was exclusive placement agent to Asana, while King & Spalding LLP acted as legal adviser.

Ely Portillo: 704-358-5041, @ESPortillo

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