Markel|Eagle Partners, which is based in Henrico County, announced on Tuesday that it has closed the Markel|Eagle Partners Fund II to new investors. The private equity fund, which is worth $55 million, targets opportunities in industrial, multifamily, office, residential and retail in the Southeast and the mid-Atlantic.
The real estate investment company Markel|Eagle Partners is jointly owned by the principals of the Eagle Cos and specialty insurer Markel Corp, managing $95 million of discretionary capital invested in Fund II.
Since it was created in November last year, the fund has invested over $10 million of equity into projects valued at over $40 million. Fund II investments located in the Richmond area include commercial and industrial land situated in eastern Henrico County, raw land in eastern Goochland County, and Deep Run III, which is one of the buildings used for the corporate headquarters of Circuit City Stores Inc.
Other projects include an investment in a Delaware waterfront residential development with a developer based in Baltimore and a $5 million investment intended to assist with the transformation of a former plant located in downtown Leesburg into retail and residential development.
The company raised more money in less time than was the case with Fund I, which ended up capping out at around $31 million according to the president of Markel|Eagle Partners, Bryan Kornblau. The original developer of the project, Florida-based Unicorp, sold on the commercial portion of the project for $161 million last month.
"The positive resolution at West Broad Village is an example of the success of our Fund I investments," says Kornblau. "We have been able to leverage this success in raising the capital for Fund II."
