Blackstone Group Buys 22M SF Industrial Portfolio For $1.8B
The Blackstone Group will acquire a 22M SF industrial portfolio from private equity firm Cabot Properties in a $1.8B deal financed through a combination of cash-on-hand and property-level debt.
The portfolio has a 90% occupancy rate and includes 146 properties in Chicago, Dallas, Baltimore/Washington, D.C., Los Angeles, South Florida and New Jersey, The Real Deal reports.
More than 370 tenants are in the buildings, including big-name companies such as Amazon, FedEx, Coca-Cola, Fiat Chrysler and the U.S. government.
Blackstone has been actively buying and selling industrial property as e-commerce has increasingly driven industrial demand. In November, it purchased a $500M industrial portfolio in Southern California from Principal Real Estate Investors.
The real estate manager also reached an agreement earlier this year to sell its European logistics company, Logicor, for $14.2B to Chinese Investment Corp.
The latest transaction is expected to close between March and April.