The Miami-based, vertically-integrated, private equity real estate investment firm Elion Partners has acquired four last-mile logistics assets in the Seattle, San Francisco, Southern California and New York markets, for $216 million.
The assets, which total 864,000 square feet, were purchased from various sellers and were individually sourced pre-market.
The acquired assets consist of a 390,000-square-foot property at 4225 Hacienda Dr. in Pleasanton, CA; a 180,000-square-foot property at 182-20 Liberty Ave. in Jamaica, NY; a 224,000-square-foot property at 555-589 Monster Rd. SW in Renton, WA; and a 70,000-square-foot property at 6212 Corte del Abeto in Carlsbad, CA.
The acquisitions coincide with Elion Partners’ investment strategy to focus on last-mile logistics real estate within core, urban logistics hubs in infill coastal markets.
The acquired properties serve as part of a series of planned transactions for Elion Partners’ portfolio aggregation strategy across key coastal logistics markets.
“By focusing on the attributes prudent to logistics real estate such as clear height, excess parking and drive-around truck access, we have been able to identify value add opportunities that meet the needs of today’s logistics providers,” states James Lambert, senior managing director of industrial investments at Elion Partners. “These acquisitions provide additional exposure to high-quality assets in core locations, and we look forward to continuing the expansion of our last-mile portfolio.”