MIAMI--(BUSINESS WIRE)--Iconic Equities, a real estate investment and development firm focused on industrial assets, and Leste Real Estate U.S. (“Leste Real Estate”), the real estate investment strategy of global independent alternative investment manager Leste Group, today announced that they have formed a joint venture backed by institutional capital to acquire $400 million of industrial outdoor storage (“IOS”) facilities across the U.S.
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, Florida. 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, the site is leased to 289 tenants.
“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,” added Timothy Bishop, Founder and CEO of Iconic Equities. “This partnership brings the capital resources and ability to identify value-add IOS facilities in major U.S. metropolitan areas and port markets where our involvement will improve supply chain reliability.”
“We’re excited about our partnership with Iconic and believe that the asset class has been under penetrated by institutional players, providing an opportunity for groups like us to create value in an inefficient market,” said Josh Patinkin, Managing Director of Leste Real Estate. “We look forward to deploying our capital into the asset class and upgrading them to help supply chains become more efficient.”
The demand for industrial storage space has increased enormously amid the pandemic as more businesses have looked to e-commerce and on-time delivery fulfillment, transforming traditional warehouses and related properties into mission-critical infrastructure for the U.S. supply chain.
The partnership has identified a substantial pipeline of IOS facilities for acquisition in major metropolitan areas and port markets across the U.S.
About Leste Group
Founded in 2014, Leste Group is a global independent alternative investment manager guided by core values of respect, creativity, and teamwork. The firm offers investors a diverse range of strategies across real estate, credit, venture, liquid markets and other alternative asset classes. Leste Group's investment teams leverage institutional-grade processes, a nimble, entrepreneurial approach, capital markets expertise, and exclusive networks to source unique opportunities and drive consistent risk-adjusted returns. To learn more information on Leste Group, please visit leste.com.
About Iconic Equities
Iconic Equities is a privately-held real estate investment and development firm headquartered in Miami. The firm is focused on acquiring and developing Industrial, Multifamily and Hospitality assets throughout the United States. For more information, please visit: http://www.IconicEquitiesGroup.com.