Houston-based real estate company Fifth Corner closed on its initial round of capital commitments for its Fifth Corner Property Fund I LP and purchased the fund's first two properties.

The properties span about 39,000 square feet and are in Sugar Land, Texas, and the Washington corridor in Houston. The fund has two further properties under contract that it is expected to close in the third quarter.

Fifth Corner said the fund will acquire retail and mixed-use assets in targeted urban and emerging urban submarkets.

In addition, the company hired Tim Ng and Brad Blazar to handle acquisitions and asset management, and capital raising, respectively.