Logistics Property Company, LLC (LPC), a newly formed logistics real estate platform focused on the acquisition, development and management of modern logistics properties in key North American markets, today announced its launch. The management team of LPC has partnered with Macquarie Capital Real Estate Investments (MREI) on the formation of the platform.
LPC seeks to grow its business to have more than $5 billion of properties under management over the next five years to become a leading developer and operator of logistics facilities and occupancy solutions in North America. The firm has begun managing properties in key logistics markets, including Dallas, Houston and Chicago, with an estimated end-value of over $600 million to date.
“We are thrilled to embark on this new journey to grow LPC into a leading North American platform,” said LPC chief executive officer, James Martell, formerly the president and founder of Ridge Development. “It is an exciting time for the U.S. industrial sector. The growth in e-commerce, increasing globalization of trade and supply chain reconfiguration are driving record tenant demand and rental growth. Together with our partners, we hope to provide state-of-the-art logistics facilities and best-in-class occupancy solutions for our tenants.”
The company is targeting leading industrial markets across the U.S. with strong demographics and significant in-place infrastructure, as well as select tier-two markets with strategic growth value. In addition to Dallas, Houston and Chicago, LPC anticipates closing on properties in Los Angeles, Seattle, Indianapolis and Pennsylvania this year, as part of a development pipeline of approximately 18 million square feet.
Headquartered in Chicago, LPC has offices in Atlanta, Dallas, Houston, and Los Angeles with office openings slated for Philadelphia, Miami and Seattle. In addition to Martell, LPC is led by an experienced management team including several former senior executives of Ridge. Together, the LPC management team averages over 25 years of experience and has developed more than 17 million square feet since 2014 with its institutional partners.
“We see a great opportunity in partnering with the LPC team to form a North American logistics operating company with strong development capabilities,” said Eric Wurtzebach, head of Americas, Macquarie Capital Real Estate Investments. “We are pleased to expand our global logistics footprint into North America with the formation of LPC. North American logistics real estate continues to attract strong demand, and we look forward to growing the business together with our new partner.”