Blackstone Real Estate Partners VIII will purchase 41 industrial warehouses as well as two adjacent lots from FRP Holdings Inc. for about $359M.
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The majority of the properties are in Maryland and include a 232K SF park in Baltimore, four warehouses and office buildings in a Hanover business park and nine warehouses and flex buildings in Edgewood. The portfolio also includes properties in Virginia and Delaware, Commercial Property Executive reports.
“The reduction in corporate income tax rates in a low cap rate environment created too good an opportunity to [forgo]. We look forward to redeploying these proceeds in our other business segments including Anacostia, land development and mining/royalties segments where more recently we have enjoyed more favorable returns,” FRP Holdings Executive Chairman and CEO John D. Baker II said in a statement.
Blackstone has been on an industrial real estate shopping spree as of late, capitalizing on demand from e-commerce and traditional retailers working to improve the efficiency of their deliveries. In December, Blackstone acquired a 22M SF, $1.8B portfolio from Cabot Properties, and in March it purchased 146 last-mile warehouse and distribution centers for $1.8B from Canyon Industrial Properties.
The transaction is anticipated to close before Q4, and is subject to customary closing conditions.
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