Boston, MA-based Longpoint Partners has closed on a joint venture with Brookfield through its real estate secondaries business. The JV has recapitalized a $700-million, 3.8-million-square-foot logistics portfolio that was held in one of Longpoint’s closed-end funds.

Eastdil Secured represented Longpoint, which will maintain an interest in the portfolio and manage day-to-day operations.

The portfolio comprises 31 logistics assets in supply-constrained infill locations in Boston and Dallas, TX plus DC, FL and NJ. The assets are 97% leased to 200 tenants.

“Demographic shifts, technological advances, and supply chain disruptions are creating significant long-term value creation opportunities for well-located real estate assets,” said Marcus Day, managing director at Brookfield. “We are seeing increasing demand for secondary capital solutions that give GPs and LPs additional runway to execute longer-term business plans, allowing them to participate in future upside. This fund recapitalization highlights the win-win nature of GP-led secondaries for both LPs and GPs.”