(Read more on the industrial market.)

CANTON, MA-The APCA Property Fund I will purchase 110 ShawmutRd., a 70,000-sf flex/industrial building here for $6.7 million.The fund was created by Paradigm Properties and the Ashforth Co. tobe divested at the institutional level once $150 million in productis acquired and positioned to attract such capital.

"That's the concept," APCA principal Steve Allison tellsGlobeSt.com, explaining that the process has gone so well that thegroup is now creating a second fund that will take a similar path.The equity raised is to be nearly three times the $52 millionassembled for Fund I, says Allison, who adds that the Boston-basedinvestor is now halfway to buying the properties needed to closeout that initial vehicle, one that has $150 million in buyingpower. Other recent purchases for Fund I include 196 Mechanic St.in Bellingham and 176 South Washington St. in Norton, bothindustrial properties, while the firm has another warehouse northof Boston under agreement.