Elion Expands Last-Mile Portfolio with $245 Million in Acquisitions Across Key Coastal Markets
Elion, a vertically integrated, private equity real estate investment firm, today announced a series of acquisitions totaling 1.2 million square feet spread across 10 last-mile logistics assets for $245 million within the New Jersey, Los Angeles, Miami, Seattle and San Diego markets.
The firm’s investment strategy is focused on last-mile logistics real estate, targeting infill locations in supply-constrained, core coastal markets. The acquisitions were completed during the third and fourth quarters of 2021 following the announcement of the firm’s final closing of Elion Industrial Fund I1 (the “Fund”) which reached its hard cap of $500 million in August 2021. Inclusive of these latest acquisitions, the Fund has invested in 3.9 million square feet and more than $1 billion in gross asset value.2
“We are targeting well-located properties with the opportunity to generate appreciation through vacancy lease-up, capital investment and create efficiencies through functionality improvement,” said James Lambert, Senior Managing Director of Industrial Investments at Elion. “Through our relationships and data-driven approach to sourcing opportunities early, we have been able to aggregate a portfolio of primarily pre-marketed assets while identifying value-add opportunities that meet the needs of today’s logistics providers.”
The series of transactions included the firm’s first acquisition in the Los Angeles market, 15325 Stafford Street (97,500 sq. ft., closed December 20th) as well as expanded the firm’s footprint across the New Jersey, Miami, Seattle and San Diego markets. The acquisitions included: 35 O’Brien Street in Kearny, New Jersey (126,612 sq. ft., closed August 9th); 1515 75th Street SW in Everett, Washington (150,154 sq. ft., closed August 30th); 5803 Newton Drive in Carlsbad, California (71,602 sq. ft., closed September 15th); 1 Slater Drive in Elizabeth, New Jersey (244,530 sq. ft., closed September 15th); 43 Stults Road in Dayton, New Jersey (115,344 sq. ft., closed November 1st); 1600 NW 165th Street in Miami Gardens, Florida (65,142 sq. ft., closed November 9th); 9950 NW 25th Street in Doral, Florida (87,208 sq. ft., closed December 15th); 1200 Jersey Avenue in North Brunswick, New Jersey (129,500 sq. ft., closed December 21st); and, 600 Apgar Drive in Somerset, New Jersey (111,120 sq. ft., closed December 23rd).
Elion Partners (“Elion”) is a vertically integrated, private equity real estate investment firm focused on the industrial sector. Elion is both an investment manager and operator, managing $2.5 billion in gross real estate assets through closed-end funds and permanent capital investment vehicles. The firm is minority-owned, and the firm’s team is more than 65% diverse.
1 Elion Real Estate Fund V, LP, Elion V Cayman Feeder I, LP, Elion V US Feeder I, LP, Elion V Holdco, LP are collectively referred to herein as “Elion Industrial Fund I.”
2 Gross asset value refers to the measurement of an investment’s value based on an exit price concept which approximates the price that would be received on the sale of an asset in an orderly transaction between willing market participants as of quarter-end.