Black Salmon Closes Industrial Fund at $500M With Latin American, European Investor Participation
An industrial fund open only to Latin American and European investors seeking access to the US property markets has closed at $500 million, Miami-based investment and development firm Black Salmon announced this week.
Black Salmon said the fund will identify and make investments over the next 24 months with various operating partners. In partnership with InLight Real Estate Partners, Black Salmon has seeded with investments located in key industrial markets in the Sunbelt region including a 50-acre site five miles from the Port of Savannah, with plans to construct a Class A truck terminal and transload facility, as well as a multi-phased development project along I-85 northeast of Atlanta for a Class A distribution warehouse adjacent to a multi-billion-dollar electric car battery manufacturer.
The firm’s investment strategy focuses on merchant build, opportunistic development, and value-add opportunities including distribution warehouses, industrial infrastructure assets, and cold storage. The announcement follows the firm closing a $250 million multifamily fund.
“Black Salmon’s acquisition strategy as a company is centered on the diversification of investments based on our extensive market insight. Together with partner LarrainVial, we plan to continue developing strategies to provide our Latin American and European investors access to the U.S. real estate market,” said Jorge Escobar, managing partner and Co-CEO of Black Salmon.
The firm has a $2 billion acquisition and development portfolio across the office, industrial, hotel, multifamily, and senior housing asset classes. It has a particularly strong development pipeline in South Florida.
The Black Salmon fund is the latest in a string of similar vehicles targeting the industrial asset class: earlier this month, privately held real estate development and investment firm CRG announced it had raised $300 million for its latest industrial real estate fund, which is expected to deliver $1.5 billion in new warehouse and distribution facilities for e-commerce users across key US markets over the next two years.
