Longpoint has announced the final closing of Longpoint Specialty Grocer Fund I, which raised a total of $225 million in capital commitments exceeding its initial target of $200 million.
The fund reflects Longpoint’s experience in acquiring core specialty grocery-anchored neighborhood shopping centers with long-term intrinsic value. The fund targets investments specifically with grocery tenants catering to the unique shopping preferences of a neighborhood’s ethnic, racial, or multicultural population and situated in high-growth markets like Florida, Texas and California.
“In 2015, we set out to cultivate culturally relevant shopping centers focused on the evolving needs and demographics of our communities – this exemplifies our tagline of ‘Welcome to the Neighborhood,’ or ‘Bienvenidos a Nuestro Barrio,’” said Dwight Angelini, managing and founding partner in prepared comments. “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.”
Once fully deployed, the fund is expected to consist of 17 to 20 shopping centers nationwide. To date, the fund has acquired eight properties representing an aggregate cost of $166 million in Dallas, Miami, Orlando and Los Angeles.