Blackstone Real Estate Income Trust has acquired a 22M SF industrial portfolio for $1.8B.
)
The Canyon Industrial Portfolio includes 146 last-mile warehouse and distribution centers in major metros such as Chicago, Dallas, Baltimore, Washington, D.C., Los Angeles, and South and Central Florida. Current tenants include a strong mix of companies like e-commerce giant Amazon, FedEx, DHL, Coca-Cola, Fiat Chrysler and the U.S. government.
The last-mile delivery sector has become particularly appealing in recent months as the rise of e-commerce puts pressure on retailers and distributors to deliver products more quickly and efficiently than ever before. Centers that are close to major hubs have become hot commodities due to their proximity to large pools of customers.
"The Canyon transaction exemplifies BREIT's focus on real estate asset classes and geographic markets with attractive fundamentals. BREIT’s portfolio, with its emphasis on stable, income-producing warehouse and apartment assets, is well positioned to benefit from continued tailwinds in these sectors," Blackstone REIT President and head of U.S. Core+ Real Estate A.J. Agarwal said in a statement.
Once the deal closes, BREIT's portfolio will triple its industrial holdings and be worth an estimated $7B in gross asset value.
)
)
)
)
)
)
)
)
)
)
)
)