NEW YORK CITY — Global alternative investment firm Investcorp has acquired three national industrial portfolios that collectively total 1.5 million square feet across 41 buildings. The sales price was approximately $300 million. The seller(s) was not disclosed.
The details of the three portfolios are as follows:
- Dallas & Atlanta Infill Portfolio: 16 buildings totaling 597,161 square feet
- West Coast Infill Portfolio: 17 buildings encompassing 539,909 square feet across Denver, Las Vegas, San Diego and the San Francisco Bay Area
- Tampa Industrial Portfolio: eight buildings comprising 279,887 square feet
Following this transaction, which comes on the heels of the firm buying a five-building, 435,000-square-foot industrial portfolio on Long Island, Investcorp now owns 640 industrial buildings totaling roughly 42 million square feet across the country.
“We remain confident in the industrial asset class, which now represents nearly 60 percent of our real estate assets under management in the United States,” says Herb Myers, co-head of real estate, North America at Investcorp. “While the overall sector has shown signs of normalizing from pandemic-era highs, a lot of this stabilization is concentrated among newly built speculative properties, and we continue to see strong performance and compelling investment opportunities for existing infill assets in high-growth markets.”
“As reshoring and nearshoring have reshaped the industrial and manufacturing landscapes, well-located, multi-tenanted industrial assets have continued to attract robust interest from tenants and investors,” adds Michael Moriarty, managing director and head of commercial acquisitions at Investcorp. “The properties comprising these three investments reflect these characteristics, and we expect they will provide us with resilient cash flow and the ability to fulfill the needs of a variety of tenants.”
Founded in 1982, Investcorp is based in New York City and has 14 offices globally, employing approximately 500 people. The firm currently has $52 billion in assets under management, including third-party management assignments. Investcorp’s U.S. real estate portfolio comprises industrial and residential properties, including student housing.
— Taylor Williams