Northpond to Invest $200M to Acquire Retail Centers

Northpond Partners, a Chicago-based real estate investor and operator, has partnered with a southeast U.S. pension fund, forming Northpond Retail Partners, a $200 million evergreen investment vehicle. The fund will target the acquisition of unanchored neighborhood retail centers with an initial focus across the Southeast and select markets throughout the Sunbelt.

As an all-cash buyer, the partnership will target properties housing convenience, necessity, and service-oriented tenants. Retail categories typically include medical, fitness, and health and beauty. These multi-tenant properties ideally contain smaller, general-purpose spaces ranging from 1,000 to 5,000 square feet.

“This complimentary strategy allows us to grow the depth and breadth of our geographical footprint and expand our local, regional, and national tenant relationship networks,” said Phil Slovitt, managing principal and co-founder of Northpond. Northpond focuses on repositioning, remerchandising, or redeveloping real estate in the Southeast and the Midwest, including Minneapolis, St. Paul, Chicago and the surrounding suburbs.