Oxford Properties Group has formed a $1 billion joint venture with EverWest Real Estate Investors to acquire and develop infill small-bay industrial properties across the United States.
Alongside its formation, the joint venture also announces the acquisition of six initial assets totaling more than 1.1 million square feet across Denver; San Diego; Portland, Ore.; Phoenix; Houston; and Nashville at a combined value of about $160 million.
The joint venture will target a mix of core-plus value-add investments and developments, focusing primarily on infill industrial properties across major U.S. high-growth industrial markets. Benefitting from proximity to urban centers, the properties will be positioned to meet the rapid increase in demand for fulfilment needs and provide occupiers locations close to their customer base.
Oxford will provide the primary source of capital and drive overall strategy for the joint venture, with EverWest leading the acquisitions and da