Pennmark Mgmt. Co. raises $60m for 6th Mid-Atlantic U.S. Real Estate Fund
Plymouth Meeting, PA — Pennmark founder Donald Cafiero announced that it has raised $60 million for its real estate fund, reaching the fund’s hard cap. Focused on the Mid-Atlantic area of the U.S., the Pennmark team of investment professionals makes opportunistic investments across retail centers in secondary and tertiary markets.
"The Clearfield area is seeing great benefits from having Pennmark investing in Clearfield County. The improvements Pennmark is making to their commercial retail properties are helping to create jobs and are having a positive impact on our community," said Mark McCracken, Clearfield County Commissioner. Pennmark’s five prior funds have been active in most areas of commercial real estate including, retail, office, industrial, flex, the hospitality industry and most recently, conversion of prior uses to first class medical centers in areas such as Beaver Falls, Waynesburg and Sewell, NJ.
According to Pennmark, The Pennmark Process that is at the heart of their success in managing numerous commercial properties throughout the Delaware Valley, which brings together strong site selection, creative leasing solutions and a thorough design and construction implementation. Christopher Cafiero, VP of construction and property management at Pennmark is able to plan and construct medical centers at generally half the cost of major medical agencies.
“The community of Washington Court House is thrilled with a retail tenant for the PennMark property on Columbus Ave. Successful repurposing of former big box retail locations is never easy and requires an owner with vision and a local community willing to work with the property owner. In our case, Washington Court House and PennMark were a great fit,” said Joe Denen city manager Washington Courthouse, Ohio.
Robert Sichelstiel, CFO and broker of record at Pennmark has been with the team since 1994, said, “We appreciate the strong support of our communities and local government agencies. We believe the robust interest in rural communities is an acknowledgement of our successful focus on opportunistic investments in real estate, and we look forward to continuing to create value in our portfolio.” Dr. William Grigsby Ph.D., community development liason said, “I have always insisted on creating value within small local communities, and rural places where we are invested in. Pennmark gives back and provides direct support to the communities in which it works in.”