US real estate investor Longpoint Partners has bought $74m (€67.7m) worth of industrial assets in two separate transactions for its third institutional fund.
The Boston-based company’s 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: “We 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.
“We 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.”
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.
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