A newly-formed joint venture of Wheelock Street Capital and The Seyon Group has acquired three suburban industrial properties for $32 million.

Three former Calare Properties executives – Bryan Blake, Andrew Iglowski and John – formed Seyon Group in January to acquire industrial real estate in Northeast markets. The firm announced last week that it’s pursuing ground-up warehouse development and existing light industrial properties,  anticipating increasing demand in close-in suburban markets for e-commerce distribution sites and industrial businesses priced out of downtown.

The partnership acquired 26 Dartmouth St. in Westwood, a 200,000-square-foot industrial building next to University Station, and a portfolio of light industrial buildings on Shawmut Road in Canton totaling over 100,000 square feet in a series of off-market transactions.

Greenwich, Connecticut-based Wheelock is allocating $100 million from its Wheelock Street Real Estate Fund V for equity investments in industrial properties.