BOSTON – Boston-based NorthBridge Partners and New York-based Park Madison Partners announced the final close of NB Partners Fund III, LP (“Fund III”).
Fund III, which was oversubscribed, closed at the fund’s $500 million hard cap. Investors in the fund included a mix of public and private pensions, foundations, asset managers, family offices, and high net worth individuals.
NorthBridge launched its logistics strategy in 2014 with the goal of acquiring, modernizing, and developing small-to-mid sized final-mile logistics assets on the U.S. East Coast. Fund III’s strategy is a continuation of the prior two vehicles, targeting strategically located US East Coast industrial assets that are critical to the modern e-commerce supply chain as companies compete for the shortest delivery times to consumers.
“We are grateful for the opportunity to work with NorthBridge on this capital raise,” said Park Madison Partners’ Rob Kohn. “We launched this fund in March 2020 right when the pandemic struck, and as a result, the fundraising effort shifted to an almost entirely virtual format. The success despite this challenge is a testament to NorthBridge’s talent as an investment manager in the final-mile industrial sector and to investors’ confidence in them as fiduciaries.”
The success of Fund III follows NorthBridge’s March 2021 announcement regarding the recapitalization of a $360 million, 2.3 million square foot portfolio of final-mile industrial properties in partnership with Brookfield Asset Management’s new secondaries platform. Park Madison Partners served as NorthBridge’s exclusive capital advisor on the recapitalization.
NorthBridge Partners LLC, founded in 2014 by Managing Partners Greg Lauze and Dean Atkins, is a vertically integrated real estate manager that invests exclusively in final mile industrial properties with a primary focus on major population centers on the East Coast of the United States. NorthBridge creates value in the final mile space through repositioning, modernizing, tenant relocations, change of use, building expansions, and select ground-up development. NorthBridge leadership has over 15 years of experience acquiring and managing industrial properties.
Park Madison Partners, LLC is a New York-based capital and advisory firm focused on the global real estate alternative investments industry. Since its formation in 2006, Park Madison has advised on over $18 billion in private capital placements for a wide range of real estate vehicles including commingled funds, separate accounts, programmatic joint ventures, and recapitalizations. The team comprises professionals from diverse backgrounds on the buy-side and sell-side, and leverages this experience to offer Park Madison’s clients highly customized solutions across global real estate capital markets.