CRG announced the successful closing of U.S. Logistics Fund II (USLF II). The fund and its co-investment vehicles expect to deliver $1.5 billion of new warehouse and distribution industrial facilities for e-commerce and other users across key logistics markets throughout the United States over the next two years.
CRG raised $300 million through USLF II, reaching the fund’s cap three months ahead of schedule, and co-investment vehicles are expected to provide an additional $150 million of equity. In total, USLF II is comprised of more than 100 private investors ranging from family offices to wealth managers to high-net-worth individuals. Traditionally, private investors have had minimal opportunity to invest in industrial real estate funds, as they are usually reserved for institutional capital.
In addition, USLF II accomplished its goal of 10% investment from diverse investors through strategic outreach to women and persons of color. Recognizing historic inequities in who is included in these types of investment opportunities, the firm committed to an inclusive process to facilitate improved access for traditionally underrepresented groups.
USLF II is the successor fund of U.S. Logistics Fund I (USLF I), which was launched in 2018. Through USLF I, CRG raised $150 million and developed $421 million of modern logistics facilities, outperforming target returns for the limited partners of the fund.
Since establishing “The Cubes” industrial brand 2018, CRG has delivered more than 25 million square feet of projects nationally and has another 40 million square feet planned or in development. Its parent firm, Clayco, has built more than 300 million square feet of industrial projects for fortune 500 clients, CRG and other developers since its founding in 1984.
