Longpoint buys Phoenix industrial complex through Fund III

The building is 100% leased.

Boston-based manager Longpoint has purchased an industrial complex in Tolleson, west of
the Phoenix metro area, for $36 million. The equity was deployed from Longpoint Fund III, a value-add fund the firm launched in
2022, according to a source familiar with the deal. The manager held a final close on $940
million for the vehicle last October, making it the firm’s largest to date. The target IRR of
fund III is 16 percent, according to affiliate PERE data.

The building is near major interstates and is 100 percent leased to DHL, the multinational
delivery company. The audio equipment manufacturer, Bose, had previously been a tenant
in the building for 25 years, and DHL took over the building last year, according to a
statement from Cushman and Wakefield, which brokered the deal.

5/23/25, 10:36 AM Longpoint buys Phoenix industrial complex through Fund III – PERE Deals
https://www.peredeals.com/deals/longpoint-buys-phoenix-industrial-complex-through-fund-iii 1/3

“This building is in a prime location, Southwest Phoenix continues to be one of the mostactive industrial corridors in the region,” Molly Hunt, director at Cushman and Wakefield,said in the statement. “With direct freeway access, the building is incredibly well-connected, making it a great fit for everything from logistics to manufacturing.”

In Q1, the Southwest Valley led all Phoenix submarkets with 1.9 million square feet ofleasing. Last year, the area saw nearly 13 million square feet of occupancy growth, whichrepresents 58 percent of its total annual industrial growth, according to research fromCushman and Wakefield.

Longpoint has been an active buyer in the industrial sector this past year. In November thefirm purchased a 26-building industrial portfolio in South Florida for $331.3 million. A fewmonths prior it purchased two industrial properties near Phoenix, in Chandler and Gilbert, in separate transactions for $74 million total. Both purchases were through Fund III, asreported.