Boston-based High Street Equity Advisors has bought three distribution facilities worth a combined $54.2 million. The 1.5 million sq. ft. portfolio — which is divided between Georgia and Pennsylvania — represents a fresh acquisition spree for the newly-launched High Street Real Estate Fund II. The fund will acquire as much as $400 million in institutional-grade industrial, office and multi-family properties. Both core and value-add properties will be targeted.

This week, High Street also closed its $250 million first fund, High Street Real Estate Fund I, with the acquisition of six assets totaling $67 million and roughly 1.16 million sq. ft. of industrial space. The six properties are located in Massachusetts, Pennsylvania, New Jersey, Florida and Illinois.