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CRG Raises $450M in Equity Toward New Projects
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, reported Crain’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.
- ◦Development
- ◦Financing
