Last Mile $200M Joint Venture Forms for Logistic Assets
Northampton Capital Partners LLC and Biynah Industrial Partners have formed a $200 million joint venture to expand in logistics and freight transportation assets. Both bring major investment experience in the two industrial subtypes to the partnership, which will support assets engaged in last-mile delivery.
The venture, operating under the Transportation Related Infrastructure Platform (TRIP), will start with seven existing properties in seven states and expand upon that with additional acquisitions.
For legal counseling, Greenberg Traurig backed Northampton, with Polsinelli acting on behalf of Biynah.
Targeting Limited Supply Areas
While the existing properties and future areas of investment interest were not listed, both Northampton and Biynah said they would target areas with limited logistics supply.
"We are excited to partner with ABR and BIP to build a diverse national portfolio of contracted transportation infrastructure assets," Corinne Still, founding partner at Northampton, said in a statement.
"Truck terminals and fleet facilities that sit in the center of the freight network in supply-constrained last-mile markets are challenging to replicate and benefit from both local and broad-based U.S. economic growth."
Years Of Experience To The Table
Both firms bring notable industrial experience to the table. Particularly, Biynah in the last-mile sector has been originating, managing and optimizing assets for more than 18 years.
According to Biynah, its industrial investment has reached 24 assets and more than 13 million square feet since its establishment in 2009.
For Northampton Capital, it has made more than 75 infrastructure transactions in the past two decades, with roughly $1.6 billion of assets under management.
Additionally, the two partners have investors with institutional capital "to position TRIP to scale into a leading national platform and create long-term value across the portfolio," according to Biynah Managing Partner Jeff Josephs.
Today's announcement for Northampton Capital follows another joint venture it formed with Winslow Power to acquire generating assets across New York and the New England area.
TRIP overall is a bet on last mile, as e-commerce has been a key driver for industrial and the subtype years.
Source: GlobeSt/ALM