The fund, NL Ventures VIII LP, has already raised more than 80% of its equity base, managing director of acquisitions David Steinwedell tells GlobeSt.com. The first two acquisitions involve industrial properties, one on the West Coast and the other on the East Coast, and are under-$10-million buys.
As in the case of its previous net lease property funds, investors in the new fund are primarily family offices and high net worth investors, Steinwedell says. And while the shift isn't large, "we're probably going to have more new investors in the fund than we historically have had in the past," he adds.
By the time the fund is fully invested, industrial properties (including both distribution and light manufacturing assets) are expected to account for 70% to 80% of its portfolio, with the remainder flex and office assets. Both sale-leasebacks and existing net-leased properties with middle-market company tenants will be targeted, and Steinwedell says that like in 2009, the company expects to make acquisitions coast to coast. Its typical deal size will be $10 million, with a range of $3 million to $40 million. Acquisition criteria also include lease terms of 15 years or longer.
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