Longpoint has announced the final closing of Longpoint Specialty Grocer Fund I, which raised a total of $225 million in capital commitments exceeding its initial target of $200 million.
The fund reflects Longpoint's experience in acquiring core specialty grocery-anchored neighborhood shopping centers with long-term intrinsic value. The fund targets investments specifically with grocery tenants catering to the unique shopping preferences of a neighborhood's ethnic, racial, or multicultural population and situated in high-growth markets like Florida, Texas and California.
"In 2015, we set out to cultivate culturally relevant shopping centers focused on the evolving needs and demographics of our communities – this exemplifies our tagline of 'Welcome to the Neighborhood,' or 'Bienvenidos a Nuestro Barrio,'" said Dwight Angelini, managing and founding partner in prepared comments. "The shopping centers we invest in serve as the hearts of our communities, providing critical necessity-based goods and services, which insulates these properties from macroeconomic disruption."
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Once fully deployed, the fund is expected to consist of 17 to 20 shopping centers nationwide. To date, the fund has acquired eight properties representing an aggregate cost of $166 million in Dallas, Miami, Orlando and Los Angeles.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
