Stonelake, a Dallas-based real estate firm, has successfully raised $746 million for its latest industrial warehouse construction fund. Named Stonelake VII, the fund has already allocated 15% of its capital commitments to 26 industrial buildings spanning over 1.8 million square feet through 18 transactions. Over the next two to three years, Stonelake aims to acquire or develop an additional 10 million square feet of new industrial properties with this fund.
According to reports from The Dallas Business Journal, Stonelake VII garnered interest from around fifty institutional investors including college endowments and hospital systems among others such as foundations, public pensions and insurance companies. This marks the third consecutive year that Stonelake has raised significant funds for their projects; having previously closed their last fund -Stonelake Opportunity Partners VI LP- in July of this year with a total amount of $555 million.
Currently owning a portfolio consisting of 288 industrial buildings totaling over24.3million square feet across eleven cities in Texas as well as Atlanta,Nashville ,Phoenix,Tampa ,Orlando,and South Florida; it is evident that Stonelake’s expertise lies in developing successful commercial properties within these regions.
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