CRG, the development arm of Chicago-based Clayco, has completed fundraising for a $300-million equity fund that will invest in its warehouse projects nationwide, reportedCrain’s Chicago Business. In addition to the new U.S. Logistics Fund, CRG has raised $150 million in equity through co-investment vehicles.
When combined with debt, the $450 million in equity CRG raised should allow it to develop about $1.5 billion in projects over the next two years. The industrial fund is the firm’s second; CRG raised $150 million for an initial fund it launched in 2018.
“We’re seeing really steady user demand in all of our core markets,” CRG president Shawn Clark told Crain’s. “Everybody is pretty bullish.”
The firm’s core markets include Boston, Atlanta, Phoenix, Minneapolis and Chicago. Currently, CRG is attracting tenants for a one-million-square-foot warehouse it’s building in Country Club Hills, IL, financed with equity from the new fund.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).