Stonelake recently completed raising $746 million for a fund strictly for industrial warehouse construction. Called Stonelake VII, Stonelake has already committed roughly 15% of Stonelake VII’s capital commitments across 26 industrial buildings totaling 1.8 million square feet across 18 separate transactions. Dallas-based Stonelake aims to acquire or develop 10 million square feet of new industrial properties in Stonelake VII as it deploys the fund over the next two to three years.

The Dallas Business Journal reports Stonelake VII attracted interest from about 50 institutional investors, including college endowments, hospital systems, foundations, public pensions, insurance companies and family offices. The firm closed its last fund, Stonelake Opportunity Partners VI LP, in July 2021 with $555 million. Stonelake has raised $1.7 billion across three funds over the last three years.

Stonelake currently owns 288 industrial buildings totaling 24.3 million square feet across 11 cities in Texas, as well as Atlanta, Nashville, Phoenix, Tampa, Orlando and South Florida.