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Industrial asset in metro Atlanta acquired by Investcorp as part of a 31-property portfolio that commanded $216 million. All images courtesy of Investcorp -
Another asset in the Atlanta area bought by Investcorp as part of the five-state portfolio -
Investcorp bought this building, located in the New Jersey/Pennsylvania market, as part of a 31-asset portfolio
Investcorp has expanded its U.S. industrial holdings with the acquisition of a 31-property portfolio totaling approximately 1.6 million square feet across five major markets for $216 million, Commercial Property Executive can first report. With this latest investment, the company’s national industrial footprint has grown to more than 600 buildings across 42 million square feet valued at approximately $4.8 billion.
The properties, which are 94 percent occupied, are located in the Atlanta, Boston, Central New Jersey, Allentown, Pa., and San Antonio, Texas, markets. The company notes the properties are in well-established locations with strong demand for infill industrial projects and markets that have major population bases, diversified economies and consistent rent growth.
Investcorp declined a request from CPE to identify the seller of the portfolio or provide further details on the assets acquired.
The firm’s latest acquisition is a testament to its confidence in tailwinds that are shaping the industrial sector, Michael Moriarty, principal & head of commercial acquisitions at Investcorp, said in a prepared statement. Moriarty added that opportunities for scale and diversification still remain in the industrial market.
Herb Myers, co-head of real estate for North America at Investcorp, stated that the continued expansion of e-commerce, coupled with the need for diversified supply chains, has created significant opportunities for investments in factories and warehouses across the U.S.
Investcorp’s focus on industrial investments
A global investment manager specializing in alternative investments including real estate, Investcorp has acquired more than 1,300 properties for a total value of approximately $25 billion since 1996. The firm’s U.S. real estate strategy focuses primarily on the industrial and residential sectors and its portfolio reflects that thesis, with 98 percent of assets held in those property types.
One of the firm’s larger industrial deals occurred in February 2022, when it acquired a portfolio of 64 assets in seven major U.S. metros, totaling about 5.6 million square feet, for $640 million. That transaction grew Investcorp’s U.S. industrial real estate holdings to more than 425 buildings across 32 million square feet valued at approximately $3.5 billion.
More recently, an affiliate of Investcorp partnered with BKM Capital Partners in March to acquire a seven-property, 740,000-square-foot light industrial portfolio in the Las Vegas market from Terry York Properties in an off-market transaction valued at approximately $157.8 million. The portfolio, which had 21 buildings across four locations, was 98 percent leased at the time of the sale.
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