Commercial real estate developer Al. Neyer closed its second private equity real estate fund at $200 million with an eye to investing in industrial facilities.
The Al. Neyer Industrial Fund II will develop 20-25 Class A industrial projects in its core markets of Cincinnati, Pittsburgh, Nashville and Raleigh and to key expansion markets to meet the needs of industrial facility users.
The fundraise was double of that of Fund I in 2021. “The success of our first private equity fund and the unceasing demand for industrial space drove our pursuit of a second fund for new and long-term investors,” stated Jen Weingartner, vice president of capital and investor relations at Al. Neyer. “We continue to see e-commerce, reshoring, and industrial automation in manufacturing fueling the market’s appetite for industrial real estate investments, and we have proven the strength and performance of our diverse pipeline.”
The 100% employee-owned company will deploy the fund’s capital to develop approximately 9 million square feet of industrial space across its growing footprint.
“Our goal is to create the right pipeline at the right time for the right users to stay ahead of the market,” said Dan Ruh, president at Al. Neyer, in a statement. “We are focused developers with deep entrenchment in the local communities garnering the best submarket information. We proved that with Fund I, and with the current pipeline we have in place, we are positioned to deliver for our investors.”