Longpoint, a Boston-based real estate investment company, has closed its Longpoint Specialty Grocer Fund I at $225 million in capital commitments, exceeding its initial target of $200 million.
Building on Longpoint’s prior investments in the grocery sector, Specialty Grocer Fund I aims to advance Longpoint’s strategy to acquire grocery-anchored neighborhood shopping centers with intrinsic value. The fund targets investments specifically with grocery tenants catering to the shopping preferences of a neighborhood’s ethnic, racial or multicultural population and situated in high-growth markets like Florida, Texas and California.
“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,” says Dwight Angelini, managing and founding partner. “We look forward to welcoming these new assets to the Longpoint neighborhood as we leverage our experience, background and networks to create value for all of our stakeholders.”