American Real Estate Partners (AREP) and its joint venture partner Machine Investment Group (MIG) have announced the company’s latest investment in the logistics & distribution market, a 1.1-million-square-foot industrial property located in Middletown, Del.
This is AREP’s sixth investment through its Strategic Opportunity Fund III (Fund III) and is now 60 percent deployed.
The New Castle County industrial submarket has experienced meaningful growth, with the newly developed Route 301 Bypass transforming the ease of access to Middletown from Interstate 95. The current lack of easily accessible properties in Southern Jersey, Northern Delaware and Eastern Pennsylvania has pushed tenants to seek strong alternate locations; the Middletown area is a premier example of this.
“At AREP, we have sought to invest in those markets where we see growth of both tenancy and rents,” said Doug Fleit, co-founder and CEO of AREP. “We were drawn to this asset in a gro
