Elion Partners has invested $22m (€20m) to buy a last-mile industrial distribution asset in South Florida.

The US real estate investment firm said it has acquired the 158,000sqft located at 1111 Southwest 30th Road in Deerfield Beach as part of the company’s South Florida “portfolio aggregation strategy”.

The company – which manages more than $1.5bn in real estate assets – recently put together a portfolio of 3m sqft of industrial product in South Florida, Chicago and the Washington DC metro area and plans to replicate this strategy in targeted core markets.

Shlomo Khoudari, managing partner of Elion Partners, said: “With its capacity for growth and flexibility in terms of industry usage, this acquisition complements our aggregated South Florida portfolio well.

“We look forward to our continued expansion in the region.”

Michael Yocco, a managing director at Elion Partners, said: “Trends in consumer behaviour and last-mile logistics have been the main drivers impacting the industrial market as a whole, which are projected to further influence the industry over the next decade.”