Fund to acquire culturally relevant neighborhood shopping centers in U.S. primary markets
BOSTON–(BUSINESS WIRE)–Boston-based real estate investment company Longpoint announced the final closing of Longpoint Specialty Grocer Fund I. The Fund raised a total of $225 million in capital commitments from a diverse mix of institutional investors exceeding its initial target of $200 million.
Building on the success of Longpoint’s prior investments in the grocery sector, Specialty Grocer Fund I advances Longpoint’s strategy to acquire 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 & Founding Partner. “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. The investor interest we have received amid this challenging market reflects the confidence our investors have in our team and this strategy. We look forward to welcoming these new assets to the Longpoint neighborhood as we leverage our experience, background and networks to create value for all of our stakeholders.”
Longpoint will apply its proprietary analytical tools and deep experience in the specialty grocery-anchored space to acquire high-potential neighborhood centers and implement its investment and operational strategy across the portfolio. 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.
Since inception, Longpoint has invested approximately $2.1 billion across over 100 transactions. The firm is led by founding partners Dwight Angelini, Nilesh Bubna, Reid Parker, and Robert Provost III, who average more than 20 years of industry experience including over 15 years working together.
Headquartered in Boston, MA, Longpoint is a vertically integrated private equity real estate firm with deep domain experience in acquiring and operating infill logistics real estate and grocery anchored centers in major U.S. markets. Longpoint chooses its investments and value creation strategy based on an analytical process that incorporates key drivers impacting the global supply chain restructuring, demographic shifts and consumer shopping patterns. Longpoint is minority-owned and registered as an investment adviser with the SEC. Founded in 2015, Longpoint has offices in Atlanta, Boston, Dallas, Los Angeles, Miami, New Jersey, and Washington DC.
ICR on behalf of Longpoint