Elion Partners Plans West Coast Logistics Portfolio Expansion

The expansion kicks off with the acquisition of a 114,000-square-foot last-mile logistics property in Seattle for $27.7 million.

Elion Partners has announced plans to make a series of acquisitions in key logistics markets in the West Coast, including Seattle, San Francisco and Southern California. Elion’s expansion strategy will focus on first, middle, and last-mile logistics real estate in core markets, particularly along the coast.

The expansion plan kicked off with the purchase of a 114,000-square-foot last-mile logistics facility. Located at the Port of Seattle, the asset traded hands for $27.7 million. Kent Valley has a limited supply of 100,000-square-foot to 200,000-square-foot properties and this particular building has a low coverage area, which allows Elion to expand it.

The firm’s current expansion strategy builds on strong acquisition volume in 2020. Last year, Elion acquired 1.3 million square feet of existing last-mile industrial assets in its target markets Seattle, San Francisco and Southern California, as well as in South Florida. This included the acquisition of four West Coast last-mile industrial distribution assets for $83 million. The properties are located in Vista, Union City and San Diego, California, and Everett, Washington and total 425,000 square feet. The firm also acquired 1 million square feet of development opportunity in Chicago and New Jersey.

In addition to these acquisitions, Elion also completed the disposition of a 12-property portfolio in South Florida. Elion had acquired the portfolio in aggregate from 2018 to 2019. Elion executed a similar strategy last year, assembling a 3 million square foot portfolio aggregation in South Florida, Chicago and the Washington, DC, including the acquisition of a 158,000 square-foot, last-mile industrial distribution asset in Deerfield Beach, Florida, which the firm purchased for $22 million.

In August 2020, Goldman Sachs acquired a stake in the aggregated 3 million-square-foot portfolio, which is part of an investment vehicle owned by Elion Partners. The portfolio includes properties in strategic infill locations including six distribution buildings acquired last year.