DealPoint Merrill LLC, a real estate development and property-management firm, will launch a $25 million DPM Growth and Income Fund in January to help finance its 2015 expansion platform, which includes self-storage conversion projects. The fund will be administered through Bendigo Securities LLC.
"Our investment philosophy is rooted in acquiring value-added properties at deep discounted prices below replacement value, thereby creating an immediate margin of safety for our clients,” said Sterling McGregor, chief investment officer for DealPoint Merrill. “The fund will be centered on the redevelopment of existing properties and the conversion of vacant big-box retail or commercial buildings into self-storage.”
Earlier this month, officials in Juliet, Ill., approved a DealPoint Merrill proposal to convert a former Walmart to self-storage. The firm is also interested in converting grocery stores, redeveloping multi-tenant retail shopping centers with “dark” big-box anchor tenants, and acquiring “value-added” existing self-storage properties, according to a press release.
DealPoint Merrill is a subsidiary of The Merrill Group of Cos., a privately held real estate development and property-management firm that has been in business since 1985. Merrill Group manages more than 2 million square feet in office and retail assets nationwide. Based in Los Angeles, DealPoint Merrill also has a strategic partnership with real estate firm Sperry Van Ness LLC for co-investment opportunities and development services.