Morrison & Foerster has advised Boston-based NorthBridge Partners ("NorthBridge") on the final close of NB Partners Fund III, LP ("Fund III"). NorthBridge launched Fund III in March 2020, together with Park Madison Partners, a New York-based capital and advisory firm focused on the global real estate alternative investments industry. Fund III, which was oversubscribed, closed at its $500 million hard cap. Investors in Fund III included a mix of public and private pensions, foundations, asset managers, family offices, and high net worth individuals.
NorthBridge launched its logistics strategy in 2014 with the goal of acquiring, modernizing, and developing small to mid-sized final-mile logistics assets on the U.S. East Coast. Fund III's strategy is a continuation of the prior two vehicles, targeting strategically located U.S. East Coast industrial assets that are critical to the modern e-commerce supply chain as companies compete for the shortest delivery times to consumers.
The MoFo team advising NorthBridge on the transaction was led by New York private funds partner Leonora Shalet, together with Boston corporate of counsel Kevin Madden, San Francisco corporate associate Brandon Galovan, Palo Alto corporate associates Sulaf Al-Saif and Andrew Lu, and New York corporate associate Tyler Miller. The wider team included New York tax partner Jay Blaivas and associate Katherine Erbeznik, and New York finance associates Lauren Sullivan and Hanna Kim.
Read more about the transaction in the companies' press release.