The Shopping Center Group, a real estate services firm, acquired real estate manager Hart Realty Advisers to help it expand its money management business, said Jennifer Jezyk, spokeswoman for The Shopping Center Group.
Hart Realty Advisers, which had $507 million in assets under management as of June 30, invests in domestic core, value-added and opportunistic real estate for institutional investors. Terms of the deal are not being disclosed.
"The intent here is to establish a more expansive and informed decision-making process that ultimately improves the returns for our clients," said David Hart, CEO of Hart Realty Advisers, in a news release.
Hart manages separate accounts ranging from $50 million to $200 million per client in joint venture endeavors, redevelopment/repositioning opportunities as well as core/core-plus properties. Hart expects to increase assets to $1 billion by 2021.
In 2017, The Shopping Center Group facilitated over 2,000 transactions totaling more than $2 billion.