(Save the date: RealShare New York comes to the Grand Hyatt, New York, NY, October 9.)

NEW YORK CITY-Responding to the increased demand for warehouse, distribution and port assets, the Canada Pension Plan Investment Board and the Goodman Group are raising $890 million toward a new logistics and industrial partnership, making it their first direct joint venture investment in the United States to date, Peter Ballon, CPPIB’s VP of Real Estate Investments – Americas, confirms to GlobeSt.com.

“We’ve been active in other markets, but until now, we didn’t think the timing was right,” he says in an interview after the announcement broke late Thursday. “We think now, particularly from the development perspective, there is a lack of high quality supply available in certain niche markets, and we think in partnership with Goodman, we can take advantage of that.”