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Fund Formation Group Of The Year: Fried Frank
Law360 (December 14, 2020, 3:26 PM EST) Fried Frank Harris Shriver & Jacobson LLP guided Goldman Sachs Merchant Banking Division in the formation of a fund aiming to raise $14 billion and advised BlackRock in the $5.1 billion closing of its largest alternative asset fundraise, earning the firm a spot among Law360 s 2020 Fund Formation Groups of the Year.
Lawrence Barshay, the founder and head of Fried Frank s asset management practice, said that since well-known fund managers began leveraging their brands to manage significant amounts of assets following the 2008 financial crisis, the firm has carved out a niche for representing really high-end firms that practice at the.
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On Wednesday, Goldman Sachs Merchant Banking Division and Dallas, Texas-headquartered industrial real estate investor Dalfen Industrial announced the purchase of 10 last-mile delivery logistics properties. The acquisitions are part of an ongoing partnership between the two companies to acquire infill industrial propertiesin key U.S. gateway markets: specifically, the fast-growing, tax-advantaged Western and Sun Belt cities of Denver, West Palm Beach, Charlotte, San Antonio, and Fort Worth.
Post these acquisitions, Dalfen Industrial and Goldman Sachs Merchant Banking now jointly own 52 industrial properties totaling 7.13M square feet in 19 U.S. cities in 10 states.
Two of the properties are strategically located in the West Palm Beach, Florida market, including the Interstate Park Logistics Center, which faces the I-95 highway and is 100 percent occupied by long-term tenant Serta.
In addition to the usual suspects, ultra-high-net-worth investors and foreign entities are making more industrial bets.
Driven by the pandemic, acceleration in online shopping and an increase in onshoring of manufacturing, demand for industrial space continues to outpace supply in many markets. Over the last couple of months, a significant number of large industrial portfolios and complexes changed hands, as institutional and private investors from both the U.S. and abroad, including equity funds, placed capital in this sector.
“The capital chasing industrial is broad-based, but it’s the usual suspects [who] are active REITs, pension funds, insurance companies and private equity firms. But global capital is pouring into U.S. industrial as well, including sovereign wealth funds, global financial institutions and pension funds,” says Orange County-Calif.-based Mike Kendall, executive managing director for investment services, Western region, with real estate services firm