Lincoln Property’s second US value-add industrial real estate fund has added 252,000sqft multi‑tenant light industrial park in Florida to its portfolio.
Lincoln Logistics Fund II has invested an unspecified sum to acquire Deerfield Corporate Park in Deerfield Beach.
Deerfield Corporate Park comprises four light industrial buildings and is currently 94% leased to 20 tenants.
Lincoln said it will pursue a value-add strategy focused on absorbing remaining vacancies and resetting leases to market rates. The firm will also implement selective building system upgrades to boost operational efficiency and drive long-term income growth.
Gary Kobus, co-head of logistics, senior managing director at Lincoln Property, said: “South Florida continues to benefit from population growth, business migration and limited industrial land availability, which supports the long‑term appeal of assets such as Deerfield.
“We see meaningful opportunity to enhance the quality and performance of the park through targeted investment.”
David Binswanger, co-CEO at Lincoln Property, said: “This acquisition reflects our continued focus on acquiring well‑located, functional logistics assets in supply‑constrained US markets where we can leverage Lincoln’s operating platform to drive income and value creation.”
Diego Juncadella, EVP for Florida at Lincoln Property, said: “The Fort Lauderdale market’s combination of population growth, business migration and constrained industrial land supply creates a compelling environment for enhanced-value investing, and our local team will leverage its deep market expertise to drive occupancy and generate durable income growth for the fund.”
The deal follows the fund’s recent cornerstone close, backed by majority owner Stone Point Capital, Lincoln staff and two repeat investors.
As previously reported, Oregon Public Employees Retirement Fund has approved a $100m (€85.5m) commitment to the fund, which is seeking to raise a total of $1bn.
Fund II has a value-add strategy with the flexibility to pursue development projects or acquire existing assets. The fund is capped at 35% for development and will primarily target last-mile and multi-tenant investments across the country.
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