New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Wafra, Arden Group Launch $1B Venture to Acquire Industrial Service Facilities
Global alternative investment firm Wafra, headquartered in New York, and Philadelphia-based fund manager Arden Group formed a $1-billion venture to acquire industrial service facility (ISF) properties in infill sites across major U.S. markets. As part of this venture, the firms have closed on a portfolio of ISF properties in key growth markets including Dallas, Houston, Atlanta, Austin and Miami.
“This venture will allow us to build a sizeable market share within a highly fragmented sector by combining Wafra’s longstanding expertise in niche real estate strategies with Arden’s best-in-class management team,” said Pratik Patel, managing director at Wafra.
The venture’s assets will be managed by Arden’s vertically integrated industrial operating company, Arden Logistics Parks, which currently manages more than 10 million square feet of multi-tenant industrial with more than 200 buildings and 1,300-plus tenants in 10 markets. CBRE, which advised Arden, has estimated the emerging ISF market at $130 billion-plus.
- ◦Sale/Acquisition
