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Blackstone Real Estate Income Trust, the firm's newest non-traded REIT, acquired $402M worth of industrial properties from affiliates of High Street Realty Co.
The portfolio totals 38 industrial properties, most of which are infill assets, and covers 5.97M SF, CoStar reports. The properties are spread across six submarkets, though most fall within Atlanta and Chicago, and the deal’s purchase price averaged $67.30/SF. Blackstone said average industrial rents in the above-mentioned markets grew 5% annually within the last two years while vacancy rates fell 100 basis points to 5.2%.
The deal activated some of the private equity giant’s enormous $32.2B dry powder reserves and signals Blackstone's continued confidence in the booming industrial sector.
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