{"id":1004710173,"date":"2024-04-12T03:27:45","date_gmt":"2024-04-12T11:27:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004710173"},"modified":"2024-04-12T05:32:44","modified_gmt":"2024-04-12T13:32:44","slug":"northbridge-raises-nearly-950m-in-latest-logistics-fund","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/northbridge-raises-nearly-950m-in-latest-logistics-fund\/","title":{"rendered":"NorthBridge\u2019s New Fund Nears $950M"},"content":{"rendered":"\n<p>NorthBridge Partners has closed its largest fund to date, raising nearly $950 million which will be used to acquire or develop small to midsize infill logistics assets in <a href=\"https:\/\/www.commercialsearch.com\/news\/lincoln-equities-secures-54m-for-north-jersey-logistics-project\/\">coastal U.S. markets<\/a>.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"225\" data-attachment-id=\"1004528033\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/rob-kohn-partner-park-madison-partners-300x225-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Rob-Kohn-Partner-Park-Madison-Partners-300x225-1.jpg\" data-orig-size=\"300,225\" 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;0&quot;}\" data-image-title=\"Rob-Kohn-Partner-Park-Madison-Partners-300&#215;225-1\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Rob Kohn, Partner, Park Madison Partners. Image courtesy of Park Madison Partners&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Rob-Kohn-Partner-Park-Madison-Partners-300x225-1.jpg?w=300\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Rob-Kohn-Partner-Park-Madison-Partners-300x225-1.jpg?w=300\" alt=\"\" class=\"wp-image-1004528033\"\/><figcaption class=\"wp-element-caption\">Rob Kohn is a partner at Park Madison Partners, which served as the exclusive placement agent for NB Partners Fund IV. <em>Image courtesy of Park Madison Partners<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>NB Partners Fund IV LP surpassed the original $800 million fundraising target. Fund IV\u2019s limited partners include a diverse mix of public and private pensions, endowments and foundations, insurance companies, sovereign wealth funds, asset managers, family offices and high-net-worth individuals.<\/p>\n\n\n\n<p>New York-based Park Madison Partners was the placement agent for the fund. NorthBridge and Park Madison Partners reached the <a href=\"https:\/\/www.commercialsearch.com\/news\/northbridge-closes-latest-fund-at-500m-hard-cap\/\">final close of NB Partners Fund III LP,<\/a> which had a $500 million hard cap, in April 2021.<\/p>\n\n\n\n<p>Boston-based NorthBridge launched its logistics strategy in 2014 with the mission of acquiring, modernizing and developing small to midsize final-mile logistics assets on the East Coast. Fund IV targets markets that benefit from high population density, significant port activity or clusters of advanced manufacturing that benefit from reshoring trends.<\/p>\n\n\n\n<p>Dean Atkins, NorthBridge managing partner &amp; general counsel, told <em>Commercial Property Executive<\/em> the firm has deployed approximately $200 million of equity on purchases to date.<\/p>\n\n\n\n<p>\u201cWe believe we\u2019re sourcing attractive cash-flowing opportunities from sellers in need of liquidity. We\u2019re evaluating vacant assets and speculative development as well, though the bar is high for those deal profiles. Locations have been concentrated in NorthBridge\u2019s core infill markets along the East Coast,\u201d Atkins said.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/uli-economic-forecast-tailwinds-hurdles-or-both\/\">ULI Economic Forecast: Tailwinds, Hurdles or Both?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>Atkins declined to release specific details on deals made through Fund IV so far but did note the fund has been \u201copportunistically making investments for over a year that we believe are representative of the attractive acquisition environment given dislocated capital markets.\u201d<\/p>\n\n\n\n<p>Atkins said recent acquisitions have been consistent with NorthBridge\u2019s long-standing investment approach, adding they are a diverse array of property uses with an emphasis on last-mile distribution.<\/p>\n\n\n\n<p>\u201cWe\u2019re acquiring small and midsize infill logistics properties located in close proximity to major East Coast population centers and ports,\u201d he said. \u201cIn certain markets we\u2019re seeing an uptick in advanced manufacturing uses that benefit from reshoring trends.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-massachusetts-deal\">Massachusetts deal<\/h2>\n\n\n\n<p>One acquisition was made in February in Devens, Mass. According to CommercialEdge data, Northbridge purchased 36 Saratoga Blvd., the home of New England Sheets, a corrugated sheet paper manufacturer, for $20.5 million. The seller was Link Logistics, a Blackstone subsidiary. Link acquired the asset, which includes a 162,000-square-foot industrial building, in May 2016 for $9.51 million, according to MassDevelopment property records cited the <em>Worcester Business Journal<\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The investment vehicle is targeting logistics properties in major East Coast markets.<\/p>\n","protected":false},"author":1068,"featured_media":1004528033,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,23891,21742],"tags":[39083,35546],"class_list":["post-1004710173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-national","category-latest","tag-northbridge-companies","tag-park-madison-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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