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April 2021

Al Neyer raises $110 million fund for development

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Friday April 16, 2021

Al Neyer raises $110 million fund for development

From Cincinnati Business Courier:

AL. NEYER RAISES $110 MILLION FUND FOR DEVELOPMENT 

Al Neyer, one of Greater Cincinnati’s most active industrial developers, has closed its first real estate investment fund, raising $110 million.

The downtown-based commercial real estate and design-build firm closed Al Neyer Industrial Fund I LLC on April 1. Launched with a goal of raising $100 million, the fund ended up surpassing that by $10 million. The fund is expected to be used to develop class A industrial projects totaling about $300 million.

Jen Weingartner, vice president of capital and investor relations at Al Neyer, said a private equity fund is something the company has been discussing for a while. Previously, Al Neyer would raise equity on a project-by-project basis.

[…]

The fund structure will give investors an investment in a diversity of industrial projects. Al Neyer will use the equity in a variety of projects, both in terms of size and type, as well as geography. The focus with Fund I will be bulk product, rear-load and single-load product, and last-mile industrial. The developments will be located within the company’s four growth markets, Cincinnati, Pittsburgh, Nashville and Raleigh, as well as markets within 300 miles of Al Neyer’s existing footprint.

Al Neyer has a pipeline of more than 12 million square feet of potential industrial space. Weingartner said Al Neyer has a strong development pipeline of industrial projects in all four of its markets.

The fund has 105 investors, who had to invest a minimum of $500,000. Al Neyer has a large group of investors in Cincinnati, but it also pulled a large number of investors from the Pittsburgh, Nashville and Raleigh markets.

Read more from Tom Demeropolis here.


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