Iconic Equities and Leste Real Estate Partnership Completes $12 Million Land Acquisition to Support Development of Industrial Outdoor Storage Space
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 the acquisition of approximately $12 million of fully entitled land to develop the partnership’s latest industrial outdoor storage (“IOS”) property.
The acquisition is the second IOS purchase by the $400 million partnership launched by Iconic Equities and Leste Real Estate in early June, consisting of 5.6 acres of land in the Inland Empire West metropolitan area of Southern California, which will provide 12,500 square feet for development. The partnership previously announced a $9.5 million acquisition of Garnett Storage, a five-acre storage site in Coral Springs, Florida.
“This acquisition reflects our partnership’s ability to acquire property for industrial outdoor storage and meet the strong demand for IOS in California,” said Josh Patinkin, Managing Director of Leste Real Estate. “Our collaboration allows us to identify and establish new opportunities to repurpose land into highly sought-after industrial outdoor storage space for last-mile logistics and crucial supply chain usage for brick-and-mortar and online retailers.”
“As one of our nation’s most important logistics hubs, Southern California’s access to ports and roadway transportation makes this area appealing for IOS investment,” said Timothy Bishop, Founder and CEO of Iconic Equities. “Together, we look forward to pursuing additional value-add IOS opportunities in southern California and other regions in the U.S.”
The continued growth of e-commerce is expected to increase the need for warehouse storage and last mile logistics services. Industrial real estate demand is expected to grow by 850 million square feet, to 14.8 billion square feet by 2023, according to Deloitte.
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.
Contacts
Media Contact for Leste
Kelly Holman
Stanton
kholman@stantonprm.com
646-502-3509