Blackstone Subsidiary Puts 2.8M SF Of Warehouse Space On Market
Blackstone subsidiary Link Logistics Real Estate has put a portfolio of 26 fully leased warehouses west of the Mississippi up for sale.
The portfolio, which is broken down into smaller portfolios by region, consists of 2.8M SF of industrial space, Green Street reports. The estimated value of the full portfolio is around $570M, according to Green Street.
The properties are a mix of single and multitenant buildings that range between 21K and 281K SF, leased to 40 tenants among them. The listing is broken into three regional portfolios, the San Francisco Bay Area, the Pacific Northwest and the Mountain West, each of which has over 900K SF of space.
The Bay Area portfolio consists of eight buildings with 943K SF, the Pacific Northwest portfolio has 10 buildings in Seattle and Portland with 929K SF and the Mountain West portfolio consists of eight buildings in Denver, Las Vegas and Salt Lake City totaling 920K SF.
Link sold 7.6M SF of properties for $1.1B in its first quarter. It also bought $5.6M SF of property for $598.8M, its earning report stated. The company owned 559M SF of industrial properties in the U.S. at the end of the first quarter, and it had a $9B development pipeline.
Earlier this month, Link sold another 430K SF industrial portfolio for $67.5M to Massachusetts-based High Street Logistics. Link also purchased two properties on the East Coast: Boston Harbor Oil And Gas Terminal for $150M and Calder’s horse racing track in Miami for $291M.