Seagis will focus on industrial buildings and multi-building industrial portfolios. "Our two primary markets are New Jersey, where Keystone had 11 million sf, and South Florida," Lee tells GlobeSt.com. Other areas of interest to Seagis, he says are the I 81 corridor near Harrisburg and the Allentown areas of Pennsylvania and the Baltimore-Washington corridor.

"Given our capital structure," Begier says, "we expect to be a very active player on all types of industrial transactions, including core, value-added and opportunistic." A first acquisition is expected to close "within the next few days," and the details and location are undisclosed.

Principal Enterprise is an entity-level investment platform operated on behalf of a large public pension-fund client of Principal Global Investors, a diversified asset-management organization and member of Des Moines, IA-based Principal Financial Group. Principal Global manages $138 billion in assets for retirement plans and institutional clients.

"This platform combines enormous financial capability with an entrepreneurial operating philosophy," Lee says. "We will leverage the initial equity investment, which means there aren't any transactions we would shy away from based on size. While we're capable of acquiring large portfolios, we will also seek property transactions as small as $3 million."