Key Takeaways
- • ICM Asia is partnering with Concord Capital Management to introduce ICM's first U.S. Sunbelt industrial real estate fund to Taiwanese eligible investors, according to a press release distributed via PRNewswire and Yonhap on October 30, 2026.
- • The proposed fund will invest across Arizona, Texas, Georgia, Florida, and the Carolinas, with approximately 70–80% of invested capital concentrated in the Phoenix metropolitan area.
- • The strategy is positioned around semiconductor supply-chain demand linked to TSMC and Samsung expansions, with Phoenix industrial vacancy at 10.3% in Q3 2026 per Cushman & Wakefield.
- • ICM Asset Management manages more than $2 billion in assets for over 20,000 investors across six countries, and launched its Hong Kong-based Asia business in 2026.
- • The press release is promotional in nature; the fund's size, fee structure, and target return were not disclosed.
Summary
ICM Asia has agreed to work with Concord Capital Management to introduce ICM's U.S. Sunbelt industrial real estate opportunities in Taiwan, according to a press release issued October 30, 2026. The proposed strategy would be ICM's first U.S. Sunbelt industrial real estate fund and would focus on development and investment across select markets in Arizona, Texas, Georgia, Florida, and North and South Carolina. The fund anticipates placing approximately 70–80% of invested capital in the Phoenix metropolitan area, with selective investment elsewhere in the Sunbelt.
The firm's rationale centers on Phoenix's economic and industrial fundamentals. Citing Cushman & Wakefield's Q3 2026 Phoenix MarketBeat, the release states that the metro reported employment of approximately 2.5 million, added 24,000 jobs over the prior year, and grew its population at roughly four times the national average. Industrial vacancy declined to 10.3% in Q3 2026, and net absorption of 20.5 million square feet over the trailing 12 months more than doubled new supply of 9.0 million square feet. Large-format buildings of 300,000 square feet or larger recorded vacancy of 5.1%. The release also cites Greater Phoenix Economic Council data showing the aerospace and defense sector employed 108,377 people in 2025, and points to TSMC's expanded Arizona investment plans and Intel's Fab 52 as drivers of supplier activity and leasing demand.
ICM Realty Group, LLC, the firm's U.S. affiliate, cites prior Phoenix-area projects as track record. These include Glendale Industrial, a 270,000-square-foot speculative development sold in 2022 with a reported investment-level IRR of 66.5%, and Buckeye Industrial, a 250,000-square-foot development sold in 2024 with a reported IRR of 24.1%. ICM also reports a joint venture with Mack Real Estate Group at Mack Innovation Park near TSMC's Phoenix campus, whose first phase of approximately 332,000 square feet was sold in January 2026. The release does not independently verify these return figures.
John Courtliff, CEO and Partner of ICM Asset Management, said the partnership would bring ICM's North American industrial platform to Taiwanese investors. Stanley Kung and Pablo Romero, Co-Managing Directors of ICM Asia, emphasized Asian investors' exposure to the semiconductor supply chain and framed the offering as a disciplined, institutional-quality approach. David Lay, Chairman of Concord Capital Management Corp., said the collaboration supports Taiwan's ambition to become an Asian asset management hub. ICM describes itself as a global alternative investment manager with real estate, asset-backed lending and music royalty expertise, operating in six countries.
The firm's rationale centers on Phoenix's economic and industrial fundamentals. Citing Cushman & Wakefield's Q3 2026 Phoenix MarketBeat, the release states that the metro reported employment of approximately 2.5 million, added 24,000 jobs over the prior year, and grew its population at roughly four times the national average. Industrial vacancy declined to 10.3% in Q3 2026, and net absorption of 20.5 million square feet over the trailing 12 months more than doubled new supply of 9.0 million square feet. Large-format buildings of 300,000 square feet or larger recorded vacancy of 5.1%. The release also cites Greater Phoenix Economic Council data showing the aerospace and defense sector employed 108,377 people in 2025, and points to TSMC's expanded Arizona investment plans and Intel's Fab 52 as drivers of supplier activity and leasing demand.
ICM Realty Group, LLC, the firm's U.S. affiliate, cites prior Phoenix-area projects as track record. These include Glendale Industrial, a 270,000-square-foot speculative development sold in 2022 with a reported investment-level IRR of 66.5%, and Buckeye Industrial, a 250,000-square-foot development sold in 2024 with a reported IRR of 24.1%. ICM also reports a joint venture with Mack Real Estate Group at Mack Innovation Park near TSMC's Phoenix campus, whose first phase of approximately 332,000 square feet was sold in January 2026. The release does not independently verify these return figures.
John Courtliff, CEO and Partner of ICM Asset Management, said the partnership would bring ICM's North American industrial platform to Taiwanese investors. Stanley Kung and Pablo Romero, Co-Managing Directors of ICM Asia, emphasized Asian investors' exposure to the semiconductor supply chain and framed the offering as a disciplined, institutional-quality approach. David Lay, Chairman of Concord Capital Management Corp., said the collaboration supports Taiwan's ambition to become an Asian asset management hub. ICM describes itself as a global alternative investment manager with real estate, asset-backed lending and music royalty expertise, operating in six countries.
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