Logistics Property Co. has closed its LPC Logistics Venture One industrial-to-core fund with $1 billion in capital commitments. The fund will focus on developing ground-up industrial properties in the US.

The fund is already 90% allocated with projects in Atlanta, Chicago, Dallas, Houston, Seattle and Pocono, Pennsylvania. Global institutional investors participated in the capital raise, and MIRA Real Estate acted as the exclusive financial advisor. "The successful LPC capital raise speaks to the confidence global investors have in the industrial sector's strong underlying fundamentals," Jim Martell, LPC CEO, said in a statement about the fund's closing.

Global investment activity rebounded in October and November, according to a recent report from CBRE, returning to 90% of pre-pandemic levels. Global investors are targeting industrial assets, including data centers and life science properties, as well as multifamily properties. The pandemic has also shifted the target geographic markets from major metros like San Francisco and New York, to growth and pro-business markets, like Miami, Dallas and Boston.