Founded in 1984, Pace Properties' initial focus was centered around the investment in prime real estate opportunities in the St. Louis area. Over the past 34 years, Pace has built long-term, trusting relationships with investors, joint venture partners, property owners, state and local governments, lenders, and retailers, resulting in the acquisition and development of over $500 million worth of retail, mixed-use, office, and industrial property throughout the Midwest, Mid-Atlantic, Northeast, Rocky Mountain, and Southwest regions. These goals were accomplished through our three private investment funds; PRI, PRF, and PRFII.
Notable Pace projects include Brentwood Square, Manchester Highlands, The Boulevard - St. Louis, Central Plaza, and multiple Walgreens locations.
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Pace Realty Investors (PRI) is an investment fund with real estate interests in retail, office, and mixed-use properties. PRI also serves as the manager of Pace Realty Fund (PRF) and Pace Realty Fund II (PRFII), two real estate investment funds owning property in multiple markets throughout the US. The investment strategy of this fund is focused on value add opportunities with goals of achieving high investment returns, managing risk, and preserving capital.
In 1996, Pace Realty Fund (PRF) was formed to roll-up interests in multiple single asset partnerships and has grown through the acquisition and development of retail real estate in the St. Louis area. Partners in the fund include PRI and other long-term third party investors. Since the fund's inception, PRF has achieved compounded annual returns of more than 18%. As its investor objectives have evolved over the years, PRF is now a closed fund managed for cash flow and capital preservation.
In 2009, Pace Realty Fund II (PRFII) was formed to raise equity for the purchase of distressed office properties at significant discounts to replacement costs. Beginning as a $20 million Opportunity Fund, PRFII has since purchased five office buildings throughout the Midwest and Southwest totaling 521,144 square feet with initial investment totaling $34.8 million. To date, the fund has sold three of the buildings for $23 million and is actively marketing properties in Colorado Springs and San Antonio. By acquiring properties far below replacement costs, correcting physical deficiencies, improving the building's image, and improving property marketing and leasing, PRFII has sold these properties with significant return on investor's equity.