{"id":1004524334,"date":"2021-04-27T03:43:26","date_gmt":"2021-04-27T11:43:26","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004524334"},"modified":"2021-05-15T10:28:49","modified_gmt":"2021-05-15T18:28:49","slug":"northbridge-closes-latest-fund-at-500m-hard-cap","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/northbridge-closes-latest-fund-at-500m-hard-cap\/","title":{"rendered":"NorthBridge Closes Latest Fund at $500M Hard Cap"},"content":{"rendered":"
\"Rob<\/a>

Rob Kohn, Partner, Park Madison Partners. Image courtesy of Park Madison Partners<\/em><\/p><\/div>\n

 NorthBridge Partners of Boston and New York City-based Park Madison Partners have reached the final close of NB Partners Fund III LP, at the fund\u2019s $500 million hard cap.<\/p>\n

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READ ALSO<\/strong>: Two Sigma Launches CRE Investment Business<\/a><\/p>\n

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Investors in the fund, which was oversubscribed, included a mix of public and private pension funds, foundations, asset managers, family offices and high-net-worth individuals.<\/p>\n

NorthBridge and Park Madison launched this fund in March 2020, when the pandemic struck. As a result, the fundraising effort shifted to an almost entirely virtual format, Park Madison Partners\u2019 Rob Kohn said in a prepared statement. According to Kohn, the success despite this challenge is a testament to NorthBridge\u2019s talent as an investment manager in the final-mile industrial sector and to investors\u2019 confidence in them as fiduciaries.    <\/p>\n

NorthBridge launched its logistics strategy in 2014 with the mission of acquiring, modernizing and developing small- to mid-sized final-mile logistics assets on the East Coast. Fund III\u2019s strategy is that of the prior two vehicles, targeting strategically located U.S. East Coast industrial assets that are critical to the modern e-commerce supply chain.<\/p>\n

Large and small<\/h2>\n

In late February, NorthBridge reached an agreement under which Brookfield Asset Management\u2019s new Real Estate Secondaries business would recapitalize NorthBridge\u2019s East Coast last-mile industrial portfolio for $360 million. The 21-property, 2.3-million-square-foot collection consists of assets in markets with high barriers to entry and was 96 percent occupied at the time of the announcement.<\/p>\n

NorthBridge retained an interest in the portfolio and continues to manage it day to day. As with NB Partners Fund III, Park Madison Partners was NorthBridge\u2019s exclusive capital advisor.<\/p>\n

Alongside the big deals, NorthBridge doesn\u2019t disdain a smaller one if it\u2019s a good fit. In March of last year, the company made a $15.5 million purchase<\/a> of a 123,000-square-foot warehouse in Beltsville, Md. The fully occupied building was NorthBridge\u2019s first acquisition in the Baltimore\u2013Washington, D.C., metro area.<\/p>\n","protected":false},"excerpt":{"rendered":"

Park Madison Partners served as the exclusive placement agent for the new investment vehicle, which will target last-mile logistics properties on the East Coast.<\/p>\n","protected":false},"author":882,"featured_media":1004528031,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21748,23891,21742],"tags":[33496,32914,35546],"class_list":["post-1004524334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-industrial","category-national","category-latest","tag-brookfield-asset-management","tag-e-commerce","tag-park-madison-partners"],"acf":[],"yoast_head":"\nNorthBridge Closes Latest Fund at $500M Hard Cap - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/northbridge-closes-latest-fund-at-500m-hard-cap\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NorthBridge Closes Latest Fund at $500M Hard Cap\" \/>\n<meta property=\"og:description\" content=\"Park Madison Partners served as the exclusive placement agent for the new investment vehicle, which will target last-mile logistics properties on the East Coast.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/northbridge-closes-latest-fund-at-500m-hard-cap\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-27T11:43:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T18:28:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Rob-Kohn-Partner-Park-Madison-Partners.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"972\" \/>\n\t<meta property=\"og:image:height\" content=\"729\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/northbridge-closes-latest-fund-at-500m-hard-cap\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/northbridge-closes-latest-fund-at-500m-hard-cap\/\",\"name\":\"NorthBridge Closes Latest Fund at $500M Hard Cap - 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