Logistics Property Company, LLC (LogiPropCo) has closed a value-add joint venture with a large U.S. public pension fund. This value-add venture is the company’s third venture with institutional investors since its founding in 2018. LogiPropCo’s first two ventures, which raised approximately $3 billion of total capital from leading global institutional investors, focused on develop-to-core logistics facilities across the U.S. In the past eight years, the company has developed approximately thirty million square feet across 14 key markets.
“We believe in the continued demand for industrial product,” said Jim Martell, Chief Executive Officer of Logistics Property Company. “We have an active pipeline of properties to leverage our platform and continue building our portfolio across the risk-return spectrum.”
As part of the firm’s strategy to expand into acquiring existing properties, LogiPropCo bolstered its existing team by hiring two senior acquisitions professionals to lead the value-add effort. Mark Crawford, who previously served as Head of Acquisitions for Duke Realty before Prologis acquired the firm, leads the East Region, and Joel Wicks, who served as Principal, Industrial Acquisitions at Ares, leads the West Region. Both Crawford and Wicks bring twenty years of real estate experience to their roles, with a proven history of sourcing and closing deals, and will leverage LogiPropCo’s local presence and leadership in markets across the U.S.
With this venture, the company is targeting acquisitions of existing properties in several key markets, with a focus on identifying properties in both infill and bulk locations that offer opportunities for rehabilitation, redevelopment, covered land, mark-to-market lease-up, and vacant lease-up. LogiPropCo closed on a previous value-add property acquisition last year at 572 West Street in Mansfield, Massachusetts, an institutional-quality asset strategically located at the intersection of I-95 and I-495 outside Boston.
“We are excited to add another high-caliber capital partner to our existing relationships,” said Brent Steele, Chief Investment Officer of Logistics Property Company. “This new vehicle will benefit from LogiPropCo’s singular focus on the U.S. industrial real estate market as we collectively acquire existing logistics assets and optimize property cash flows through both operational and physical enhancements.”
About Logistics Property Company
Logistics Property Company, LLC is a vertically integrated real estate operating company and investment manager focused on the acquisition, development, and management of modern logistics properties in key U.S. markets. The company executes a disciplined investment strategy, ensuring optimal outcomes for its investors, employees, communities, and the environment. Headquartered in Chicago, Logistics Property Company owns or has under development approximately 30 million square feet of logistics facilities across 14 markets. For more information, please visit logisticspropco.com.
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