US manager Longpoint Realty Partners has acquired a 222,398sqft industrial property in Tolleson, Arizona for $36m (€32m), according to sources.
The fully-let property at 130 South 83rd Avenue presents a significant future value-add opportunity for Longpoint, as its current in-place rent is understood to be well below market rates.
Longpoint, known for investing in US industrial assets, completed the final close of its Longpoint Fund III fund in October 2023, raising $940m.
The fund was backed by a number of investors, including the Employees Retirement System of Texas, Los Angeles Water and Power Employees’ Retirement, Texas Permanent School Fund and the State Universities Retirement System of Illinois pension funds.
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