US real estate investment firm Longpoint has acquired a three-building light industrial portfolio in Freemont, California for $31.5m (€28.8m).
Longpoint said it has acquired the 122,168sqft Silicon Valley Portfolio, a deal that is the Boston-based investment firm’s first in the Bay Area.
The asset was acquired on behalf of the Longpoint Fund III fund which targets small to medium-sized industrial assets.
Dwight Angelini, co-founder and managing partner of Longpoint, said: “We are pleased to have executed our first acquisition in the Northern California market.
“This well-located, highly functional industrial portfolio complements our strategy of investing in properties situated within flourishing markets that have long-term value and growth potential.”
The Newmark Western Region team handled the transaction.
“The Silicon Valley Industrial Portfolio generated substantial investor interest, further highlighting the demand for shallow bay industrial product,” said Newmark’s Steven Golubchik.
“We are excited to see Longpoint’s future success with the asset, as this is its first acquisition in the San Francisco Bay Area.”
Newmark’s Joe Kelly, who serves as the leasing adviser for the portfolio, said: “These properties are the perfect investment case study. They’re functional and part of a shrinking multi-tenant industrial building base, as well as being surrounded by flourishing industry, a new BART station and other progressive land uses.”
To read the latest IPE Real Assets magazine click here.
