Dune Real Estate Partners has acquired a seven building, 760,000-square-foot industrial portfolio in partnership with Westcore Properties, the firm said today.
The New York-based fund manager said it acquired the properties for an undisclosed sum through its second vehicle, Dune Real Estate Fund II. The vehicle is targeting $1.25 billion.
The portfolio, which comprises infill properties, is located near the Port of Los Angeles and the Port of Long Beach in Commerce and Buena Park, southern California. It was bought from Prudential Real Estate Investors, which was acting on behalf of institutional investors.
Dune partner Cia Buckley said the buildings’ proximity to the container terminals would help drive demand for industrial real estate in the area.
In May, regulatory filings showed that Dune had raised $793.9 million for Dune Real Estate Fund (DREF) II. According to fund documents on the Illinois State Universities Retirement System website, DREF II is targeting distressed commercial and residential real estate, over-leveraged sellers as well as non-performing loans and debt. DREF II is expected to focus on the US and Western Europe across all property sectors.