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Blackstone Set To Purchase Portfolio Of Logistics Centers For $1.5B

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The world’s largest private equity firm—and the world’s largest private real estate owner—is cutting a deal to purchase a portfolio of logistics centers for $1.5B.

As e-commerce continues to thrive, these properties have become more valuable and among the hottest properties in CRE, the Wall Street Journal reports. Blackstone Group is purchasing the 12M SF portfolio from LBA Realty, an investment firm based in Irvine, CA. The majority of the centers are on the West Coast, and include warehouses and distribution facilities.

This will be Blackstone’s largest US distribution center acquisition since it left the logistics business when it sold IndCor Properties for $8.1B. [WSJ]