US real estate investor Longpoint Partners has bought $74m (鈧�67.7m) worth of industrial assets in two separate transactions for its third institutional fund.
The Boston-based company鈥檚 Longpoint Fund III fund has expanded into the Greater Phoenix market with the acquisition of Midway Commerce Center, a three-building, 301,994sqft light industrial complex in Chandler, and a 68,790sqft industrial facility in Gilbert, both in Arizona.
Dwight Angelini, co-founder and managing partner of Longpoint, said: 鈥淲e are proud to have executed our initial investments in the Greater Phoenix area. These well-located properties offer a significant value-add opportunity in a key supply-constrained and high-barrier logistics market.
鈥淲e believe that both assets will yield accretive value for our investors, and we look forward to the further expansion of our portfolio in this region.鈥�
In October last year, Longpoint raised $940m from global investors at the final close of its Longpoint Fund III fund, beating its original target of $750m.
The fund targets small to medium-sized industrial assets in primary US markets, including Atlanta, Boston, Dallas, New York/New Jersey, South Florida, Southern California and Washington DC/Baltimore.
To read the latest 麻豆映画 Real Assets magazine click here.
