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Blackstone Acquires 4.4 Million-SF Southern CA Logistics Portfolio

With 'Last-Mile' Portfolio Acquisition, Private-Equity Giant's Global Industrial Portfolio Now Exceeds 150 Million SF
November 9, 2017
New York City-based Blackstone Group LP has acquired 38 industrial properties totaling 4.4 million square feet in Los Angeles County and the Inland Empire from Des Moines, IA-based Principal Real Estate Investors.

The portfolio, which includes warehouses, distribution centers and other industrial facilities near the urban core of Los Angeles, sold for $500 million, or roughly $113.50 per square foot.

Principal Real Estate, a subsidiary of Principal Financial, recently bought out partner Majestic Realty's interest in 16 of the L.A. County properties as part of an agreement to divide the venture's 16 million-square-foot portfolio.

Blackstone, which is currently focusing on "last-mile" distribution properties serving e-commerce near major population centers, now owns about 150 million square feet globally.

The private-equity company, which sold its IndCor portfolio to Global Logistic Properties, Ltd. (GLP) for a staggering $8 billion in 2015, jumped back into the logistics sector more than a year ago with the $1.5 billion acquisition of logistics properties totaling over 26 million square feet from LBA Realty.

Blackstone's latest focus has been on acquiring "last mile delivery" logistics assets near major population centers to serve e-commerce.

Please see CoStar COMPs #4035912 for more on about the transaction.
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