FSC Announces Conclusion of Fundraising for Fund III
New and existing investors fuel Front Street Properties’ largest fund to date
Front Street Properties Fund III successfully concluded its fundraising period on December 31, 2024, securing more than $65 million in total commitments, making it Front Street’s largest fund to date. As of January 2025, approximately $31 million had been deployed across three investments: a build-to-suit development, a speculative development, and a value-add acquisition.
“Our strategy is centered on developing and acquiring industrial assets in high-growth Southeastern markets, starting intentionally in our backyard here in the Carolina Core,” said Matt McInnis, partner. “The fundraising success, and development and acquisition momentum, show how we’re already executing on that strategy and well-positioned for what’s next.”
The current investments include:
Ziehl-Abegg North American Headquarters: a 522,500 SF build-to-suit facilitiy at Union Cross Industrial Center, delivered on-budget in summer 2024 and representing Ziehl-Abegg's largest capital investment in North Carolina
Excel Interior Doors: a 144,000 SF facility also at Union Cross, delivered as spec in late 2023 in partnership with the City of Winston-Salem, now fully home to Excel as a major driver of their East Coast production and distribution
2719 Interstate Drive: a shallow-bay industrial facility we acquired in November 2024, marking our entry into Charlotte's Airport/West submarket and home to six tenants
“We’re thrilled at the success of Fund III and grateful for the trust and partnership of the investors that made it possible – those who’ve been with us for years and those new to Front Street,” said Coleman Team, President and Managing Partner. “This is further evidence of the transformative work taking place here, and our team dedicated to making big moves happen.”