{"id":1004584089,"date":"2022-06-06T02:59:08","date_gmt":"2022-06-06T10:59:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004584089"},"modified":"2022-12-09T00:35:12","modified_gmt":"2022-12-09T08:35:12","slug":"crg-closes-300m-industrial-real-estate-fund","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/crg-closes-300m-industrial-real-estate-fund\/","title":{"rendered":"CRG Closes $300M Industrial Real Estate Fund"},"content":{"rendered":"\n<div class=\"wp-block-jetpack-slideshow aligncenter\" data-autoplay=\"true\" data-delay=\"3\" data-effect=\"slide\"><div class=\"wp-block-jetpack-slideshow_container swiper-container\"><ul class=\"wp-block-jetpack-slideshow_swiper-wrapper swiper-wrapper\"><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"927\" height=\"600\" alt=\"Clayco affiliate CRG has closed its U.S. Logistics Fund II at $300 million, with plans to deliver $1.5 billion of warehouse and distribution facilities across the U.S.\" class=\"wp-block-jetpack-slideshow_image wp-image-1004584147\" data-id=\"1004584147\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/The-Cubes-at-Mesa-Gateway.jpg?w=696\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/The-Cubes-at-Mesa-Gateway.jpg 927w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/The-Cubes-at-Mesa-Gateway.jpg?resize=300,194 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/The-Cubes-at-Mesa-Gateway.jpg?resize=768,497 768w\" sizes=\"(max-width: 927px) 100vw, 927px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">The Cubes at Mesa Gateway. Image courtesy of CRG<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"946\" height=\"600\" alt=\"Clayco affiliate CRG has closed its U.S. Logistics Fund II at $300 million, with plans to deliver $1.5 billion of warehouse and distribution facilities across the U.S.\" class=\"wp-block-jetpack-slideshow_image wp-image-1004584148\" data-id=\"1004584148\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/The-Cubes-at-River-Park.jpg?w=696\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/The-Cubes-at-River-Park.jpg 946w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/The-Cubes-at-River-Park.jpg?resize=300,190 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/The-Cubes-at-River-Park.jpg?resize=768,487 768w\" sizes=\"(max-width: 946px) 100vw, 946px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">The Cubes at River Park. Image courtesy of CRG<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1134\" height=\"600\" alt=\"\" class=\"wp-block-jetpack-slideshow_image wp-image-1004584151\" data-id=\"1004584151\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/The-Cubes-at-French-Lake..jpg?w=696\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/The-Cubes-at-French-Lake..jpg 1134w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/The-Cubes-at-French-Lake..jpg?resize=300,159 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/The-Cubes-at-French-Lake..jpg?resize=768,406 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/The-Cubes-at-French-Lake..jpg?resize=1024,542 1024w\" sizes=\"(max-width: 1134px) 100vw, 1134px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">The Cubes at French Lake. Image courtesy of CRG<\/figcaption><\/figure><\/li><\/ul><a class=\"wp-block-jetpack-slideshow_button-prev swiper-button-prev swiper-button-white\" role=\"button\"><\/a><a class=\"wp-block-jetpack-slideshow_button-next swiper-button-next swiper-button-white\" role=\"button\"><\/a><a aria-label=\"Pause Slideshow\" class=\"wp-block-jetpack-slideshow_button-pause\" role=\"button\"><\/a><div class=\"wp-block-jetpack-slideshow_pagination swiper-pagination swiper-pagination-white\"><\/div><\/div><\/div>\n\n\n<div id=\"attachment_1004584166\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Ben-Harris.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004584166\" data-attachment-id=\"1004584166\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/crg-closes-300m-industrial-real-estate-fund\/ben-harris\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Ben-Harris.jpg\" data-orig-size=\"952,714\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Ben Harris\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Ben Harris, SVP of Investor Relations, CRG. Image courtesy of CRG&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Ben-Harris.jpg?w=952\" class=\"wp-image-1004584166 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Ben-Harris.jpg?w=300\" alt=\"Ben Harris, SVP of Investor Relations, CRG\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Ben-Harris.jpg 952w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Ben-Harris.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Ben-Harris.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004584166\" class=\"wp-caption-text\">Ben Harris, SVP of Investor Relations, CRG. Image courtesy of CRG<\/p><\/div>\n<p><strong>Clayco<\/strong> affiliate <strong>CRG <\/strong>has closed its U.S. Logistics Fund II at $300 million. In conjunction with co-investment vehicles that are expected to provide a further $150 million in equity, the fund anticipates being able to deliver $1.5 billion of warehouse and distribution facilities in key logistics markets across the U.S. over the next two years.<\/p>\n<p>USLF II reportedly reached its cap three months ahead of schedule and consists of more than 100 private investors encompassing family offices, wealth managers and high-net-worth individuals.<\/p>\n<p>USLF II\u2019s predecessor was U.S. Logistics Fund I, which was launched in 2018 and raised $150 million. Ultimately, it developed $421 million of modern logistics facilities in markets including Atlanta, Pennsylvania\u2019s Lehigh Valley, Portland, Ore., and Seattle.<\/p>\n<p>In addition, USLF II accomplished its goal of 10 percent investment from diverse investors (<a href=\"https:\/\/www.commercialsearch.com\/news\/crg-launches-2nd-us-logistics-fund\/\">set at the fund\u2019s launch<\/a>) through strategic outreach to women and persons of color. Recognizing historic inequities in who is included in these types of investment opportunities, the firm committed to an inclusive process to facilitate improved access for traditionally underrepresented groups.<\/p>\n<hr>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/net-lease-investment\/\">Generating CRE Wealth in Uncertain Times<\/a><\/p>\n<hr>\n<p>As the industrial real estate market has boomed in recent years and provided strong returns for institutional investors, Ben Harris, head of investor relations for CRG, said in a prepared statement, \u201cthis red-hot sector was more difficult for private investors to access.\u201d<\/p>\n<p>CRG was able to meet its goal of 10 percent investment from diverse investors by personally reaching out to \u201cinfluential leaders who are members of traditionally underrepresented groups,\u201d who then shared the investment opportunity within their respective networks, Harris explained to <em>Commercial Property Executive<\/em>.<\/p>\n<p>In some cases, he added, when individuals from underrepresented groups wanted to participate, but were unable to meet the minimum investment, CRG lowered that minimum.<\/p>\n<h2>Building blocks<\/h2>\n<p>Current projects in the fund\u2019s pipeline include five properties under CRG\u2019s The Cubes brand:<\/p>\n<ul>\n<li>Country Club Hills, in suburban Chicago, 1 million square feet, speculative;<\/li>\n<li>River Park, in Butts County, Ga., in Atlanta\u2019s I-75 South submarket, 1 million square feet, speculative;<\/li>\n<li><a href=\"https:\/\/www.commercialsearch.com\/news\/crg-launches-major-project-in-greater-phoenix\/\">Mesa Gateway<\/a>, Mesa, Ariz., up to 4 million square feet, speculative and build-to suit;<\/li>\n<li>Plainville, Mass., near Boston, 662,000 square feet, speculative; and<\/li>\n<li>French Lake, in metro Minneapolis, 1 million square feet, speculative.<\/li>\n<\/ul>\n<p>And last fall, CRG got under way with <a href=\"https:\/\/www.commercialsearch.com\/news\/crg-starts-work-on-2-3-msf-industrial-park\/\">The Cubes at Fort Prince<\/a>, in Spartanburg, S.C. The industrial park could eventually build out as much as 2.3 million square feet of space.<\/p>\n<p>CRG cited <strong>CBRE<\/strong> research showing that industrial users from diverse industries leased a record 1 billion square feet of space in 2021, at record-high asking rents and a record low average vacancy rate of 3.2 percent at the end of 2021.<\/p>\n<p>Further, CRG noted, the <strong>NAIOP Research Foundation<\/strong> has forecast 401.4 million square feet of net industrial space absorption in 2022 and 334 million square feet in 2023.<\/p>\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>Outreach to diverse, traditionally underrepresented investor groups was a key part of the strategy.<\/p>\n","protected":false},"author":882,"featured_media":1004584145,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,23891,21742],"tags":[32789,32869,38680,48650],"class_list":["post-1004584089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-national","category-latest","tag-cbre","tag-clayco","tag-crg-real-estate-solutions","tag-naiop-research-foundation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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