January 28, 2026
Cleveland, OH – PREP Funds (“PREP”), a commercial real estate investment fund management company, announced the final close of the PREP Industrial Opportunities Fund, L.P. (“Fund”), bringing total investable equity capital to over $93 million between the Fund and a strategic joint venture with Industrial Realty Group (“IRG”). With the final commitment close of the Fund in January 2026, PREP exceeded its fundraising target of $75 million for the strategy.
Joe Boehm IV, Chief Investment Officer at PREP, noted, “We’ve built a talented and proven leadership team at PREP that draws on decades of commercial real estate investment and development experience. Our industrial redevelopment strategy has tremendous momentum, and exceeding our initial fundraising target is a testament to that.” The investor base for the Fund is comprised of a diversified group of over 40 partners, including institutional real estate investors, family offices, RIAs, high net worth individuals, and other institutional investors.
As of December 31, 2025, the Fund has over $85 million of active redevelopment projects. PREP’s investment strategy targets capital appreciation through the acquisition and redevelopment of distressed or undermanaged retail and industrial properties. The firm maintains deep relationships with property owners and local municipalities, supporting differentiated sourcing capabilities and the ability to pursue complex and transformational redevelopments.
“The successful close of the Fund reflects the confidence our investor base and partners have in our team and strategy,” said Chris Salata, Partner at PREP. “With this capital and an international powerhouse partner in IRG, we are well positioned to execute the Fund’s strategy and drive compelling returns for our investors.”
The Fund is the second investment fund launched by PREP since its founding in 2020, and the first fund focused on industrial redevelopment under the leadership of partners Chris Salata and Keith Brandt. PREP’s first investment fund was launched in 2021 and owns and operates a 10 asset, $100 million portfolio of stabilized medical office buildings and ambulatory surgery centers.
About PREP Funds
PREP Funds is a Cleveland, Ohio based commercial real estate fund management and advisory firm. Founded in 2020, PREP Funds focuses on acquisition and development strategies across the healthcare, industrial, and retail sectors. Our team is led by seasoned executives with decades of experience executing investments in commercial real estate. PREP Funds has acquired or advised on acquisitions of over $115 million of commercial assets and is leading active developments with over $85 million of project costs throughout the United States.
