Iconic Equities, Leste Real Estate Form JV to Acquire $400M of IOS Facilities
Miami, FL-based Iconic Equities and Leste Real Estate U.S. have formed a joint venture backed by institutional capital to acquire $400 million of industrial outdoor storage facilities across the US.
The partnership has identified a substantial pipeline of IOS facilities for acquisition in major metropolitan areas and port markets where its involvement will improve supply chain reliability.
“Attractive supply and demand fundamentals driven by businesses investing to improve their logistics operations as the economy recovers from and has been reshaped by Covid makes this the right time to invest in IOS,” said Timothy Bishop, founder and CEO of Iconic Equities.
The joint venture, which is targeting two to three years to deploy capital, recently completed the $9.5-million acquisition of Garnett Storage, a five-acre storage site in Coral Springs, FL. The site is designed to meet the complete outdoor storage needs for owners of boats, trailers, motor homes, jet skis and other commercial vehicles in Broward County and surrounding areas.
- ◦Financing
