Iconic Equities, Leste Real Estate $400m partnership makes second acquisition

Iconic Equities, a real estate investment and development firm focused on industrial assets, and Leste Real Estate U.S., the real estate investment strategy of global independent alternative investment manager Leste Group, have announced the acquisition of approximately $12 million of fully entitled land to develop the partnership’s latest industrial outdoor storage (IOS) property.

The acquisition is the second IOS purchase by the $400 million partnership launched by Iconic Equities and Leste Real Estate in early June. The property consists of 5.6 acres of land in the Inland Empire West metropolitan area of Southern California, which will provide 12,500 square feet for development. The partnership previously announced a $9.5 million acquisition of Garnett Storage, a five-acre storage site in Coral Springs, Fla.

“This acquisition reflects our partnership’s ability to acquire property for industrial outdoor storage and meet the strong demand for IOS in California,â