Developer and design-builder Al. Neyer, announced the closing of Al. Neyer Industrial Fund II, LLC. The fund closed with a total raise of $200 million, doubling the equity raised by Fund I in 2021. The fund expects to develop 20-25 Class A industrial projects managed by Al. Neyer in its core markets of Cincinnati, Pittsburgh, Nashville, and Raleigh, and to key expansion markets that meet the needs of industrial facility users.
“The fund provides the fuel for our project pipeline and accelerates the speed with which we can deliver,” said Patrick Poole, VP, Nashville Market Leader. “Fund II will further our work in the Nashville region, allowing us to meet the needs of Class A industrial users and expand to additional submarkets with projects like Shoals Way Industrial in Portland, TN.”
Al. Neyer entered the Nashville market in 2015, leveraging expertise in medical office, industrial, and office space. The design-build developer has been among the region’s most active developers in submarkets like Wilson County, developing Class A industrial space along the I-40 and I-840 corridor in Lebanon, TN. The company’s integrated approach includes design-build, real estate development, and architecture services, expediting speed-to-market for their projects. Al. Neyer notes that the fund is also a leading factor in the delivery of its projects.
Al. Neyer credits the success of its projects to its teams on the ground in each of its core markets. “Our goal is to create the right pipeline at the right time for the right users to stay ahead of the market,” said Dan Ruh, president at Al. Neyer. “We are focused developers with deep entrenchment in the local communities garnering the best submarket information. We proved that with Fund I, and with the current pipeline we have in place, we are positioned to deliver for our investors.”
“We’re giving our investment partners an opportunity to invest with a proven development sponsor with a long history of successful execution,” said Jen Weingartner, vice president of capital and investor relations at Al. Neyer. “We take great pride in surpassing expectations for our investors, delivering on our commitments, and providing the market with critical infrastructure to keep industries running smoothly.”
Industrial real estate has a robust historical performance with steady rent growth and declining vacancy over the past two decades. Al. Neyer’s focus with Fund II includes bulk, rear load and single load space, and last-mile industrial. The fund’s investor roster includes high net worth investors, family offices, and institutional investors with 18.7% minority and women investors.
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