Longpoint Closes Its First Specialty Grocer Fund at $225M
Longpoint Realty Partners, a Boston, MA-based private equity real estate firm specializing in grocery-anchored centers, has closed its Longpoint Specialty Grocer Fund I at $225 million, less than a year after launch and surpassing its initial target of $200 million.
Longpoint’s fund strategy focuses on grocery tenants “catering to the shopping preferences of a neighborhood’s ethnic, racial or multicultural population,” according to the company. These centers are strategically placed in high-growth markets like Florida, Texas and California.
“The shopping centers we invest in serve as the hearts of our communities, providing critical necessity-based goods and services, which insulates these properties from macroeconomic disruption,” says Dwight Angelini, managing and founding partner.
The fund is expected to invest in 17 to 20 shopping centers across the country. It has already acquired eight assets totaling $166 million in Dallas, Miami, Orlando and Los Angeles.
Longpoint has invested approximately $2.1 billion in infill logistics real estate and grocery-anchored retail properties since its inception in 2015.
