US real estate investment firm Longpoint has acquired a three-building light industrial portfolio in Freemont, California for $31.5m (鈧�28.8m).
Longpoint said it has acquired the 122,168sqft Silicon Valley Portfolio, a deal that is the Boston-based investment firm鈥檚 first in the Bay Area.
The asset was acquired on behalf of the Longpoint Fund III fund which targets small to medium-sized industrial assets.
Dwight Angelini, co-founder and managing partner of Longpoint, said: 鈥淲e are pleased to have executed our first acquisition in the Northern California market.
鈥淭his well-located, highly functional industrial portfolio complements our strategy of investing in properties situated within flourishing markets that have long-term value and growth potential.鈥�
The Newmark Western Region team handled the transaction.
鈥淭he Silicon Valley Industrial Portfolio generated substantial investor interest, further highlighting the demand for shallow bay industrial product,鈥� said Newmark鈥檚 Steven Golubchik.
鈥淲e are excited to see Longpoint鈥檚 future success with the asset, as this is its first acquisition in the San Francisco Bay Area.鈥�
Newmark鈥檚 Joe Kelly, who serves as the leasing adviser for the portfolio, said: 鈥淭hese properties are the perfect investment case study. They鈥檙e functional and part of a shrinking multi-tenant industrial building base, as well as being surrounded by flourishing industry, a new BART station and other progressive land uses.鈥�
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