High Rock Development Closes $50 Million Fund
High Rock Equities Fund I, L.P. Will Focus on Acquiring and Developing Commercial Real Estate Opportunities
Rich May congratulates its client High Rock Development, LLC, a real estate development and investment firm focused on commercial retail opportunities in the New England area, on the closing of its first fund, High Rock Equities Fund I, L.P. at $50 million. With leverage, High Rock Fund I will be able to invest up to $200 million.
High Rock Fund I will acquire, develop, re-develop, lease and/or sell real estate in the United States. While the initial primary focus of the Fund will be investing in commercial retail opportunities in the New England area, the Fund maintains flexibility to invest in opportunities outside of the New England area and in all sectors of the real estate industry. The general partner of High Rock Fund I is High Rock Development, LLC of Wellesley, Massachusetts. The founder of High Rock Development is David C. Sweetser.
Mr. Sweetser received his Bachelor of Arts degree from Bowdoin College and his MBA from Suffolk University. He has been working in the national and New England real estate and development markets since his graduation from Bowdoin in 1977 and has become a well known and respected figure both nationally and in the New England region. Most recently, Mr. Sweetser served as COO for the Heritage Property Investment Trust and was responsible for the day to day operations of this 32 million square foot, 165 shopping center, 185 person REIT. Prior to his involvement with Heritage, Mr. Sweetser served in a number of management capacities for a variety of important area businesses, including acting as Director of Leasing for Eastern Development, Inc., President of GovConnect, Inc. (Renaissance, Inc), VP of Real Estate for National Amusements, Inc., Founder and President of Trademark Development, Inc. and VP of Leasing for Equity Properties and Development Co. His experience and connections in the real estate industry are strong. Mr. Sweetser is a member of the International Council of Shopping Centers (ICSC), former member of the Faculty of the ICSC University and Past Chairman of the New England Idea Exchange.
“We are delighted to have closed High Rock Fund I and look forward to becoming active market participants,” said Mr. Sweetser. “This is the appropriate size fund for our acquisition and development strategy. We have the flexibility both to pursue small, niche properties and to engage in major development activities. We are gratified at the confidence shown to us by the investor community.”
Rich May, a Professional Corporation of Boston, Massachusetts serves as counsel to the Fund and Braver, P.C. of Newton, Massachusetts serves as the certified public accounting firm for the Fund.
For information about High Rock, please contact:
David C. Sweetser, President and Manager
High Rock Development, LLC
70 Walnut Street
Wellesley, MA 02481
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