{"id":1004686420,"date":"2023-10-19T03:03:37","date_gmt":"2023-10-19T11:03:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004686420"},"modified":"2023-10-19T04:34:20","modified_gmt":"2023-10-19T12:34:20","slug":"longpoint-closes-institutional-fund-at-940m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/longpoint-closes-institutional-fund-at-940m\/","title":{"rendered":"Longpoint Closes Institutional Fund at $940M\u00a0"},"content":{"rendered":"
\"Aventura<\/a>

Aventura Industrial Center, a two-building portfolio in Miami, a Fund II investment by Longpoint. Image courtesy of Longpoint<\/em><\/p><\/div>\n

Longpoint<\/strong> has reached the final close of its third institutional fund, Longpoint Fund III L.P., which was oversubscribed at about $940 million of commitments, substantially beyond its original target of $750 million.<\/p>\n

The fund reportedly will focus on the acquisition of well-located, underutilized industrial assets in major U.S. markets at attractive prices. More specifically, the proceeds will target small to mid-sized investments in primary U.S. markets, including Atlanta, Boston, Dallas, New York\/New Jersey, South Florida, Southern California and Baltimore\/Washington.<\/p>\n

Hodes Weill Securities<\/strong> LLC was the fund\u2019s placement agent, securing investments from a mix of global institutions, including sovereign wealth funds, public and corporate pensions, insurance companies, endowments, foundations and family offices.<\/p>\n

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READ ALSO<\/strong>: What\u2019s Ahead for Industrial?<\/a><\/p>\n

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The fund will serve logistics clients by creating functional warehouse nodes close to population centers, Dwight Angelini, managing & founding partner at Longpoint, said in a prepared statement.<\/p>\n

He added that today\u2019s supply chain took shape in the middle of the 20th century, and that in 1956, when President Dwight Eisenhower signed into law the Federal Highway Act, the first intermodal shipping container made its maiden voyage from Newark, N.J., to Houston.<\/p>\n

Since then, Angelini continued, advances in technology, changing consumer shopping patterns and the need for a resilient and efficient supply chain have generated significant investment opportunities in the industrial sector.<\/p>\n

The fund\u2019s goal, he explained, is to purchase underperforming industrial assets in supply-constrained infill locations and upgrade them to meet modern logistical standards.<\/p>\n

Longpoint launched the fund last year and collected $323.5 million in the initial close in December 2022. The investment vehicle has completed nine acquisitions to date, a Longpoint spokesperson told Commercial Property Executive<\/em>, including:<\/p>\n